Published on Feb 9th, 2021 |

On February 5th, Financial Planning provided a publication on FINRA expecting to see significant progress in firms compliance policies and procedures around Regulation Best Interest.

They announced that there is going to be a deeper review from the exam team at FINRA to make sure firms are handling Regulation Best Interest and Form CRS.

Patrick Chism


Vigilant’s Managing Director, Patrick Chism, provided his insights towards the number of items that may not apply to a firm’s operations or business models.

Patrick suggested that firms review the report “to determine which areas are relevant to their business,” and then look at their own policies and testing methods to ferret out any weak spots. He also stated “If you find any deficiencies, you should begin remediation as soon as possible,” Chism says. “This will help ensure your next exam will be more successful.”

Want to learn more about FINRA’s new report?

Click HERE to see Financial Planning’s Publication.

Interested in Vigilant’s Broker Dealer Solutions and how we can help prepare YOU for this new REG BI and Form CRS Report?

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