The Financial Industry Regulatory Authority is doing some end-of-summer cleaning. According to Joshua Horn of Fox Rothschild, FINRA recently enacted a sweep exam, sending out targeted letters focused on compensation practices.
“The intent of this targeted exam is to assess how firms identify, mitigate and manage conflicts of interest when it comes to compensation paid to registered representatives,” explains Horn. He says the recipients were limited and the information being gathered will be used to determine best practices with respect to compensation arrangements tied around particular products and conflicts of interest.
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