What is FINRA and what became of the NASD ?

Posted On: July 15, 2011 by Law Offices of Ralph Behr

FINRA is the Financial Industry Regulatory Authority; it regulates securities firms in the United States. FINRA licenses and oversees the over 630,000 men and women in the securities industry. Its mission is to make sure the industry operates “fairly and honestly”. Overseeing over 4500 brokerage firms with over 160,000 branch offices is a big job. Most of us see the job as poorly done, do you agree?
Congress is paying the 3000 employees of FINRA to oversee, regulate and make “fair and honest” the entire spectrum of the financial securities industry in the U.S. FINRA is the “champion” of the small investor. OK?
If you want to contact FINRA you can write them at 1734 K Street, Washington, DC 20006, or call them on the telephone at (301) 590-6500. I do it all the time; they do actually answer the phone. There is a broker hotline where you can check out the history of your financial advisor: call the hotline at 1-800-289-9999, or go online to the FINRA homepage and go to the broker-check area. You’ll see a brief history of the advisor’s credentials and complaint(s), if any. The NASD was dissolved and its job taken over by FINRA.