Finra is not lobbying the SEC for voluntary oversight of advisors, though the agency would welcome the opportunity, a according to a Finra official.
“We’re interested, but we’re not pushing it,” Bob Colby, the Financial Industry Regulatory Authority’s chief legal officer, said Friday.
During a wrap-up to Finra’s annual conference in Washington, D.C., Colby also said the agency is working on changes in advertising rules and the broker-dealer member application process.
In other matters, Finra violation cases are up 30 percent this year, said Brad Bennett, the organization’s enforcement vice president, adding that the reasons for the increase are still unclear.
Bennett said he’s surprised broker misconduct cases haven’t dropped because it is easier for brokers to make more money in the bull market.
Susan Axelrod, Finra’s regulatory operations vice president, noted that a high number of complaints doesn’t necessarily someone is a bad broker.
“Someone could have 20 complaints against him related to a single product sale,” she said.