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Congressman wants FINRA to regulate RIAs

As regulators at the Securities and Exchange Commission continue to weigh options as to how to examine more registered investment advisors, one lawmaker is calling for the Financial Industry Regulatory Authority to step in and fill the gap.

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(AP Photo/Mark Lennihan)

As regulators at the Securities and Exchange Commission continue to weigh options as to how to examine more registered investment advisors, one lawmaker is calling for the Financial Industry Regulatory Authority to step in and fill the gap.

The SEC only has the resources to audit about 10 percent of RIAs, a proportion widely regarded as dangerously low by regulators, lawmakers, and even stakeholders in financial services industry.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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