Breach of Fiduciary Duty No. 1 Complaint in FINRA Arbitration Cases

As experts debated Tuesday the current regulatory framework for advisors and whether brokers should be held to the same fiduciary standard as advisors, Marcus Stanley, policy director for Americans for Financial Reform, argued that fiduciary advice for retail clients is particularly “pressing.” He cited the rise of complex structured products and the fact that the top complaint in Financial Industry Regulatory Authority (FINRA) arbitration cases is breach of fiduciary duty. Michelle Ong, spokeswoman for FINRA, confirmed to AdvisorOne on the day of Stanley’s assertion that fiduciary duty is indeed the biggest complaint in arbitration cases. Read Advisor One report here.

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