PIABA Newsroom

Statement by Christine Lazaro on Protecting Retirement Savings - The Case for a New DOL Fiduciary Rule (February 14, 2022)
COMMENT LETTER: FINRA Regulatory Notice 21-43 - FINRA Proposed Amendments to FINRA Rule 3240 and Retrospective Rule Review Report (February 14, 2022)
CONGRESSIONAL LETTER: Warren-Porter Letter to FINRA on Wells Fargo Scandal (February 9, 2022)
Statement of PIABA President About Judgment Finding Securities Industry-Sponsored Arbitration Provider, FINRA Dispute Resolution, Tipped The Scales to Favor Industry (February 2, 2022)
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In the Media

FINRA ‘secret agreement’ probe ignores larger arbitration concerns, By Tobias Salinger
FinancialPlanning (June 29, 2022) - There was no “secret agreement” between Wells Fargo’s attorney and FINRA that improperly removed a potential arbitrator from a client complaint case at his request…
Report Finds 'No Evidence' of Secret Agreement Between Wells Fargo, FINRA, By Patrick Donachie
Wealth Management (June 29, 2022) - FINRA released a report from independent counsel Lowenstein Sandler, concluding there was no agreement between Wells Fargo’s counsel and the regulator to exclude…
In Wells Fargo Case, FINRA Didn't Manipulate Arb Process: Independent Review, By Melanie Waddell
ThinkAdvisor (June 29, 2022) - What You Need to Know A review found no evidence of an improper agreement to remove certain arbitrators from arbitration cases. Lowenstein said it does not believe…
Report Finds No Evidence of Side Deal Between Finra and Wirehouse Lawyer, By Miriam Rozen
AdvisorHub (June 29, 2022) - The outside law firm that the Financial Industry Regulatory Authority’s audit committee hired to review its arbitration process has rejected allegations about an improper…
FINRA orders National to pay $9M in latest alternative product case, By Tobias Salinger
Financial Planning (June 28, 2022) - A midsize wealth manager that’s under new ownership after a compliance overhaul agreed to its second major FINRA settlement this year relating to sales of…
Court Appears Set to Overturn Controversial Ruling That Wells Gamed Finra Arbitration, By Miriam Rozen
AdvisorHub (June 10, 2022) - A three-judge panel of the Court of Appeals of the State of Georgia showed skepticism about a trial court’s controversial ruling in January that vacated a 2019…
UBS Sues Investor for $1 Million in Attorneys Fees over ‘Frivolous’ Claim, By Miriam Rozen
AdvisorHub (June 7, 2022) - After beating back a $9.3 million claim from an investor in arbitration, UBS Financial Services has asked a court to hold them liable for its nearly $1 million in attorney…
Securities Group OKs Model Rule on Unpaid Arbitration, Judgments, By Alex Padalka
Financial Advisor IQ (May 25, 2022) - The rule makes it unethical or dishonest to fail to pay arbitration awards or monetary penalties ordered by regulators. The North American Securities…
Finra Advances Revised Proposal to Reform Broker Expungement Process, By Miriam Rozen
AdvisorHub (May 24, 2022) - The Financial Industry Regulatory Authority’s board of governors approved on Friday revisions to a previous proposal to initiate “special” arbitration procedures for…
NASAA Approves Model Rule Targeting Unpaid Arbitration Awards, By Patrick Donachie
Wealth Management (May 23, 2022) - President Melanie Senter Lubin said the rule would offer state regulators additional means to take action against registrants that don't pay up. The North American…