The Financial Industry Regulatory Authority restated that it acted within its authority when it claimed jurisdiction over broker-dealers' financial planning activities. The statement comes after the Financial Planning Association sent a letter to the Securities and Exchange Commission asking that FINRA's jurisdiction be restricted. "We do not believe FINRA can have it both ways, claiming on the one hand that it had no authority over a highly publicized regulatory failure -- [Bernard] Madoff -- and on the other, clear and unambiguous oversight over the development and marketing of financial plans," the letter said.

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