The U.S. Financial Industry Regulatory Authority will be soon be expanding the information investors can get about brokers.

FINRA said Tuesday it will be implementing changes to its online BrokerCheck service, which were recently approved by the U.S. Securities and Exchange Commission.

The changes will increase the number of customer complaints reported publicly; extend the public disclosure period for the full record of a broker who leaves the industry from two years to 10 years; and, make certain information about former brokers, such as criminal convictions and certain civil injunctive actions and arbitration awards against the broker, permanently available.

FINRA will also formalize a dispute process for brokers to dispute the accuracy of, or update, information disclosed through the service.

In late August, historic complaints will be added to the public records of all current and former brokers. By the end of the year, full records will be publicly available for all brokers whose registrations have terminated within the last 10 years. Also by the end of the year, the additional information that will be permanently available will be added to the records of the appropriate former brokers and the formal dispute process will be fully in place, FINRA said.

“This additional information will benefit investors who are considering whether to conduct, or continue to conduct, business with a particular securities firm or broker,” said FINRA chairman and CEO, Rick Ketchum. “Just as important, it will provide valuable information about persons who have left the securities industry, often not of their own accord, who have established themselves in other segments of the financial services industry and can still cause great harm to the investing public.”

IE