FINRA: Additional oversight of conflicts of interest needed

10/15/2013 | Reuters

The Financial Industry Regulatory Authority said last year it would begin requesting information from 14 broker-dealers on the processes and procedures in place to manage conflicts of interest. The industry-funded watchdog released a report Monday that says more oversight is needed of broker compensation, financial products and other practices. FINRA called for firms to disclose information about complex financial products to investors "in plain English" and to disclose bonuses provided to brokers who switch firms and are incentivized to move clients with them.

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