Surge Predicted in Regulation Best Interest Cases
From the desk of Jim Eccleston at Eccleston Law
According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.
As reported by WealthManagement.com, spoofing has emerged as the top issue in fines, driven by a landmark $24 million penalty against Bank of America. Trade reporting violations and anti-money laundering/Bank Secrecy Act infractions also featured prominently in FINRA's enforcement actions.
Although total fines and penalties increased substantially in 2023, large fines, such as the Bank of America penalty, partly inflated this surge. Excluding such outliers, the actual increase in fines was a more modest 19 percent.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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