Customer Complaints Archives - MasterCompliance

Customer Complaint Report

Posted on May 27, 2022 by admin

The Customer Complaint Report is a quarterly report that displays trends in complaints reported to FINRA’s Rule 4530 Application each quarter, pursuant to FINRA Rule 4530. When a customer complaint is submitted to FINRA, the submitter must identify the product and problem classification detailed in the complaint. The report allows a firm to see their complaints in two views, by problem identified in the complaint and by product for which the complaint was submitted. Navigating the Customer Complaint Report The complaints by problem view is displayed by default. To see complaints submitted by product, choose Product from the Views drop-down Read more about Customer Complaint Report[…]

Customer Complaints (FINRA Rule 4513)

Posted on May 6, 2022 by admin

FINRA Rule 4513 defines a “customer complaint” as 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. Customer complaints that are made in person or over the phone are not within the scope of this rule, however, it is still prudent for members to address these complaints so that they do not escalate further. If a complaint is resolved to Read more about Customer Complaints (FINRA Rule 4513)[…]

What Should an RIA’s Training Plan Cover?

Posted on April 26, 2021 by admin

Registered investment advisers (“RIAs”) should ensure training is assigned periodically to keep covered persons up to date on industry and product related topics. In planning, developing, and implementing an RIA’s training plan, firms should consider its size, structure, and the scope of its business activities, as well as any regulatory developments. After training is assigned, it is important to follow up to ensure completion by all assigned individuals.

Customer Complaints in the Social Media Era – FINRA Rule 4530

Posted on October 20, 2017October 1, 2019 by SCM Communications

As technology continues to advance, the Financial Industry Regulatory Authority “FINRA”) must address how certain regulations will be interpreted as it relates to social media platforms. FINRA Rule 4530 requires firms to promptly report to FINRA, no later than 30 calendar days, after it knows or should have known that the firm or an associated person of the firm is the subject of any written customer complaints involving allegations of theft or misappropriation of funds, securities, or of forgery. Under the rule, a customer is defined as any person, other than a Read More…

Rule 4530 Product and Problem Codes and Filing Application Form to reflect changes related to the DOL’s fiduciary rule

Posted on June 14, 2017October 1, 2019 by SCM Communications

FINRA announced that it has revised the Rule 4530 (Reporting Requirements) Product and Problem Codes and Filing Application Form to reflect changes related to the Department of Labor’s fiduciary rule and the MSRB’s rules on customer complaints and recordkeeping. The changes related to the DOL’s fiduciary rule became effective on June 9, 2017, while the changes related to the MSRB’s customer complaints rules will take effect on October 1, 2017. Read More…