News Releases & Statements

Report Combines and Replaces Annual Exam and Risk Monitoring Findings Report, Priorities Letter Washington, D.C. – FINRA today published the 2021 Report on FINRA’s Examination and Risk Monitoring Program to inform member firms’ compliance programs by providing annual insights from FINRA’s Examinations and Risk Monitoring programs.

WASHINGTON – The FINRA Board of Governors has appointed Deborah Bailey and Kathryn Ruemmler as new Governors. Bailey will serve as a public member, and Ruemmler as an industry member.

Firm Also Fined $350,000 for Failing to Reasonably Supervise Recommended Securities Transactions and Other Violations WASHINGTON—FINRA announced today that it sanctioned Worden Capital Management LLC (WCM) more than $1.5 million, including approximately $1.2 million in restitution to customers whose accounts were excessively traded by the firm’s representatives, and a $350,000 fine for supervisory and other violations.

$2.7 Million in Restitution to Customers; Two Matters Resolved Through Settlements and 17 Matters Resolved Through Cautionary Actions, Resulting in Remediation to Customers and Correction of Supervisory Deficiencies WASHINGTON—FINRA today announced initial results of its voluntary self-reporting 529 Plan Share Class Initiative (529 initiative), which include more than $2.7 million in restitution and interest to customers owning approximately 3,900 accounts, arising from settlements with two firms and 17 matters resolved through cautionary action letters.

Firm Ordered to Pay $4.4 Million in Restitution to Approximately 2,400 Affected Customers WASHINGTON—FINRA announced today that Transamerica Financial Advisors, Inc. (TFA) has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different products - variable annuities, mutual funds, and 529 plans. FINRA also fined TFA $4.4 million.

WASHINGTON, D.C. — As many Americans head into the holidays unemployed and behind in rent and utility bills, a new report from the FINRA Investor Education Foundation and SaverLife found that people who maintained more than $100 in savings were much less likely to have their utilities shut off or resort to high-cost borrowing methods. Those who had more than $250 in savings experienced reduced likelihood of losing their housing for financial reasons.

Board Approves Rule Proposals, Reaffirms Financial Guiding Principles and Appoints NAC, SFAC and Regional Committee Members WASHINGTON – FINRA’s Board of Governors met on Dec. 2-3.

Throughout his tenure as Chairman of the SEC, Jay Clayton has been a strong advocate for investors and for fairness and integrity in our securities markets, and we have valued his partnership and support in overseeing the securities industry. Chairman Clayton has put forward an array of initiatives that promote the interests of retail investors, strengthen the effective regulation of securities markets and firms, enhance opportunities for companies and investors in the capital-raising process and expand the inclusiveness of the SEC and the industry it oversees.

Varying Levels of Financial Knowledge Among Americans May Deepen Inequality WASHINGTON – Financial literacy is a strong indicator of positive financial outcomes for the future, but differing levels of financial literacy among Americans may contribute to widening inequality among different segments of the population, according to a new study by the FINRA Investor Education Foundation (FINRA Foundation), the University of Southern California's Center for Economic and Social Research (CESR) and The George Washington University's Global Financial Literacy Excellence Center (GFLEC).

African American and Hispanic Investors Showed Greatest Increase in Interest in Investing WASHINGTON, D.C.—Despite dramatic market volatility related to the COVID-19 pandemic during early 2020, investor optimism about the stock market remained high, and one in five Americans indicated an increased interest in investing, according to a new research study by the FINRA Foundation and NORC at the University of Chicago.