Refinance Loans – Who’s looking out for investors?

The Financial Industry Regulatory Authority (FINRA), a self-regulator charged with the task of policing the same member firms that finance it, has begun to use some of its war chest to lobby Congress to expand its regulatory reach. FINRA’s most recent lobbying disclosure statements show that it’s added ”harmonization of regulation of broker-dealers and investment advisors” to issues that previously had included things like investor protection and education. You can read that to mean that FINRA, which doesn’t yet regulate financial advisors, would like to.

Let’s make sure I have this right: FINRA, a cop on the beat that is overseen by the Securities and Exchange Commission, collects money from brokerage firms and uses some of it to lobby to get dibs on regulating investment advisers — all for the greater good of the investing public, of course.

In the meantime, FINRA is very much the friend of the member firms that support it. (Have you read the mandatory arbitration agreement in the contract you have with your broker lately? FINRA runs the no-lawsuits-allowed Wall Street arbitration system.) Instead of questioning the wisdom of having the industry police itself in the first place, the Oz-like world of U.S. financial regulation is likely to give Wall Street’s favorite regulator power over more financial
pros, giving the public the mistaken idea that someone is actually watching out for them.

original post.

Sponsored Links

Related Post :

• The annual vehicle tax for cars, which system in other countries do not use it?
• Dubai Debt – Limited Risk to Euro-Area Banks Seen From Dubai Debt
• Debt Free U Partners with AFCPE Financial Counselor of the Year
• Nco financial systems inc? what is this?
• What is the maximum amount that a parent can borrow a parent closer to a year?

Other Post :

• Should I do a balance transfer or take out a loan from our bank to get lowest possible interest rate?
• Financial information | Berkshire's Back, So What's Warren Buffett ...
• XeCheck 8 Personal Finance (Standard) | Blogging for Money Project
• Debt consolidation loans UK: Clear Your Debts in One Go ...
• The Austrian Economists: Polluting us with Debt