Finra Seeks Higher Expungement Fees by Closing $1-Claim Loophole

The Financial Industry Regulatory Authority wants to eliminate a loophole that slashes the fees firms and brokers pay when seeking to expunge customer complaints from brokers’ regulatory records.

In a filing to the Securities and Exchange Commission on Friday, Finra proposed amending its arbitration codes so that brokers or their firms will pay at least $9,475 in filing and processing fees when making standalone expungement requests (after customer claims are decided or settled in underlying arbitration cases).

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Christopher D. Warren

Christopher D. Warren, Managing Partner