Adding financial-adviser regulation duties for FINRA could hurt investors

06/28/2011 | Bloomberg

Investors could end up paying the price if Congress decides to cut the cost of regulating registered investment advisers in the U.S. by outsourcing the job to the business-funded Financial Industry Regulatory Authority, several current and former securities regulators said. "It's a very bad idea to expand the notion of self-regulation," said former Texas State Securities Board member Denise Voigt Crawford. "They're supposed to oversee the activity of the industry, but they are industry."

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