PIABA Newsroom

COMMENT LETTER: Regulation Best Interest 17 CFR Part 1240 (August 7, 2018)
PRESS RELEASE - To Protect Retirement Savers, “Major Surgery” Needed To Fix Shortcoming Of SEC “Best Interest Standard” Proposal (August 7, 2018)
REPORT: Recommendations To Improve And Enhance The SEC Best Interest Standard For Investors (August 7, 2018)
COMMENT LETTER: Regulatory Notice 18‐16 - FINRA Rule Amendments Relating to High-Risk Brokers and the Firms That Employ Them (June 28, 2018)
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In the Media

This Could Be a Litigation "Tsunami" Against Advisors, By Miriam Rozen
Financial Advisor IQ (September 10, 2018) -- In the wake of a big market correction, prepare for a deluge of clients to file claims with allegations slamming advisors for reverse churning. That’s the…
Finra panel awards clients $5 million for churning, but from defunct brokerage, By Jeff Benjamin
InvestmentNews (August 14, 2018) -- Dairy farmer clients' $1.5 million portfolio incurred $1.3 million in trading costs, but will they be able to collect?  The Financial Industry Regulatory…
Fiduciary fatigue settles over SEC best interest rule debate, By Ann Marsh
Financial Planning ( August 9, 2018) -- A pervasive "fiduciary fatigue" has settled over debate about the SEC's best interest rule, say some investor advocates and experts. They express both…
Groups Say SEC’s Best Interest Proposal Fails to Provide Uniform Fiduciary Standard, By Lee Barney
planadvisor (August 9, 2018) --In addition, they say the definition of “best interest” is not clear.  Comments on the Securities and Exchange Commission’s (SEC’s) proposed best interest standards …
Will SEC Listen To Wall Street Or Main Street On Broker Rules? By Ashlea Ebeling
Forbes (August 8, 2018) -- Yesterday was the last official day to send in comments to the Securities & Exchange Commission on its package of three proposed rules meant to protect investors from…
3rd Circuit rules banks can’t push clients out of FINRA arbitration, breaks with 2nd, 9th, By Alison Frankel
Reuters (August 8, 2018) -- In 2016, after two federal appellate courts upheld forum selection clauses requiring issuers of auction-rate securities to go to court with claims against underwriter…
Deluge of comment letters to SEC shows usual split on raising broker standards, By Mark Schoeff, Jr.
InvestmentNews (August 7, 2018) -- Industry groups support SEC advice rule proposal, investor advocates call for overhaul. Financial industry groups are backing the Securities and Exchange…
SEC's best interest proposal is a 'paper tiger,' PIABA says, By Ann Marsh
Financial Planning (August 7, 2018) -- Donna Gambee, a real estate company accounting manager with a high school education, was so "overwhelmed" with the amount of paperwork her broker David Lloyd…
Retired Merrill Lynch Managing Partner Accuses Wirehouse of Dodging Finra Arbitration, By Miriam Rozen
Financial Advisor IQ ( July 24, 2019) - A retired Merrill Lynch managing partner, George Lawlor, has filed a lawsuit against his ex-employer, alleging the wirehouse attempted to make an end run in…
Why Finra’s Rogue Brokerage Proposal is Drawing Ire from Industry and Investor Advocates, By Alex Padalka
Financial Advisor IQ (July 10, 2019) - Self-regulator Finra’s proposal to impose additional controls on brokerages with a record of misconduct is meeting criticism from both investor advocates and…