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https://www.finra.org/rules-guidance/rulebooks/finra-rules/4513
(b) For purposes of this Rule, "customer complaint" means any grievance by a customer or any person authorized to act on behalf of the customer involving the activities of the member or a person associated with the member in connection with the solicitation or execution of any transaction or the disposition of securities or funds of that customer.
https://www.finra.org/sites/default/files/2017_AC_Customer_Complaints.pdf
Verbal customer complaints are only reportable if they result in settlement of $15,000 or more. Settlement is the total amount paid to customer to resolve dispute – not just the RR’s contribution. Customer complaints received by a regulatory authority and forwarded to the RR’s firm
https://www.finra.org/filing-reporting/regulatory-filing-systems/rule-4530/faq
Under FINRA Rule 4530.07, where a member firm receives or becomes aware of a customer complaint under FINRA Rules 4530(a)(1)(B) or 4530(d) involving a former associated person and the underlying conduct occurred while the individual was associated with the firm, the firm is expected to report the customer complaint.
http://www.brokeandbroker.com/3650/finra-complaint-expungement/
The FINRA Arbitration Panel recommended the expungement from CRD of references to purported customer complaints filed by Respondent Kobrick based upon a finding that neither individual was involved in any investment-related sales practice violation, forgery, …
http://www.brokeandbroker.com/2975/finra-4530-/
According to FINRA Rule 4530, not every communication from a customer is a "complaint." Among the more common errors that I see many member firm compliance departments commit is to uniformly treat far too many "communications" from customers as involving a "complaint," when, in fact, the communication is merely an inquiry or comment.
https://www.sonnlaw.com/faq/finra/finra-rule-12200-definition-customer/
Jul 11, 2017 · FINRA Rule 12200: Definition of Customer. The Financial Industry Regulatory Authority (FINRA) has promulgated many rules that are designed to ensure fairness in the securities industry, protect the rights of investors, and give investors legal options to hold bad acting brokers and brokerages firms accountable.
https://www.investopedia.com/articles/02/100902.asp
According to the Financial Industry Regulatory Authority (FINRA), the most common complaints against brokers and advisors are misrepresentation and unsuitability:
https://www.wealthmanagement.com/legal-compliance/client-complaints-report-or-not-report
In particular, FINRA Conduct Rule 3070 requires each member firm to promptly report the subject of any written customer complaint involving allegations of any theft, misappropriation of funds ...
https://www.finra.org/investors/have-problem/file-complaint/complaint-center
Through our Complaint Program, FINRA investigates complaints against brokerage firms and their employees. We are empowered to take disciplinary actions against brokers and their firms.
https://www.finra.org/filing-reporting/rule-4530-reporting-requirements
The complaints are part of the firm’s Risk Monitoring Report Cards. The statistical and summary information regarding customer complaints required pursuant to FINRA Rule 4530(d) is due quarterly by the 15th calendar day from the end of the quarter.
http://www.brokeandbroker.com/3247/martin-unger-arbitration-customer/
The Eighth Circuit further refined this definition of "customer" in Berthel Fisher & Company Financial Services, Inc. v. Larmon, 695 F.3d 749 (8th Cir. 2012). There, the Court reaffirmed that "customer" "refer[s] to one involved in a business relationship with [a FINRA] member that is related directly to investment or brokerage services".
https://us.eversheds-sutherland.com/portalresource/lookup/poid/Z1tOl9NPluKPtDNIqLMRV56Pab6TfzcRXncKbDtRr9tObDdEuW3Cs0!/fileUpload.name=/2010%20D%20%20Heilizer%20Customer%20Complaints%20(Practical%20Compliance%20and%20Risk%20Management%20for%20the%20Sec.pdf
define a customer complaint as “any written statement of a customer, or any person acting on behalf of a customer, other than a broker or dealer, alleging a grievance involving the activities of those persons under the control of a member organization.”5 Because the NYSE definition extends to all “activities,” it …
https://securitiesarbitrations.com/who-is-a-customer/
FINRA Rule 12100(i). FINRA’s glossary states that a “customer” is “[a] person or entity (not acting in the capacity of an associated person or member) that transacts business with any member firm and/or associated person” but provides little additional guidance. Under this definition, as one Court has observed, the meaning is plain.
https://financial-dictionary.thefreedictionary.com/FINRA
A self-regulatory organization that assists the SEC in regulating financial markets, notably exchanges and companies that deal with securities.Among other duties, FINRA enforces rules, arbitrates disputes, and provides training and licensing services. Contrary to the belief of some, it is not a government agency.
https://www.sec.gov/rules/sro/finra/2013/34-69902.pdf
FINRA Rule 3110 and its suppleme ntary material the requirements of NASD IM -1000 -4 (Branch Offices and Offices of Supervisory Jurisdiction), NASD IM -3010- 1 (Standards for Reasonable Review), Incorporated NYSE Rule 401A (Customer Complaints), and Incorporated NYSE Rule 342.21 (Trade Review and Investigation); (3) replace NASD
https://brokercheck.finra.org/
BrokerCheck is a trusted tool that shows you employment history, certifications, licenses, and any violations for brokers and investment advisors.
https://www.investopedia.com/terms/f/finra.asp
The Financial Industry Regulatory Authority (FINRA) is a nongovernmental organization that writes and enforces rules for brokers and broker-dealers. ... Series 7 Definition.
https://www.gtlaw.com/en/insights/2018/2/finra-plans-major-changes-to-rules-governing-the-expungement-of-customer-complaint-information
FINRA requires that all customer complaints be reported on a broker’s Form U-4. This reporting results in a disclosure on the CRD system and on FINRA’s publicly-available BrokerCheck website. Complaints must be disclosed regardless of whether there has been any determination that the complaint has merit, or that the broker was even involved in the alleged misconduct.
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