Resources/ Updates

Jun08

New FINRA Customer Complaint Codes

FINRA Rule 4530 (Reporting Requirements) requires broker-dealer firms to file electronically through the FINRA Firm Gateway the following:

  • Written customer complaints alleging theft or misappropriation of funds or securities or forgery
  • Quarterly statistical and summary information regarding written customer complaints.
  • Copies of specified criminal and civil actions

FINRA revised the Rule 4530 filing form and certain product and problem codes for reporting customer complaints and filing docs online.  One new code will address the changes the U.S. Department of Labor (DOL) made to its fiduciary rule.

  • As of June 9, 2017, firms can use new Problem Code 69 – DOL Fiduciary Rule to report customer complaints and info relating to filing required docs.

Other new codes will address rule changes made by the Municipal Securities Rulemaking Board (MSRB) extending customer complaint and related recordkeeping rules to municipal advisors.  This becomes effective on October 13, 2017.

  • As of October 1, 2017,  see fields “Non-Registered Rep Associated Person” and “Municipal Advisory Services” and use them when submitting info relating to associated persons who are not registered or to municipal advisory services.
  • As of October 1, 2017, use new Problem Code 15 – Municipal Advisor Conflict of Interest to report customer complaint info.

Regarding amending submissions, FINRA will provide 30 calendar days after reporting a disclosure events or the quarterly complaint due date.

Related Documents

FINRA Revises Rule 4530 Form and Codes for Reporting Customer Complaints and online Filing ~ June 2017

FINRA Full Notice 17-21 ~ Reporting Requirements ~ June 2017 

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