The securities industry doesn’t like the idea of reminding investors to check the records of their stock brokers. So when Finra suggested that there be a hyperlink on brokerage firms’ home pages to take customers to its BrokerCheck tool, the industry went on a letter-writing campaign to oppose it.
My personal favorite: The brokerage firm chief compliance officer who told Finra he was worried about “unscrupulous investors.” Yep, you read that right. Here’s my column for TheStreet on Wall Street’s latest anti-investor campaign.