The U.S. Financial Industry Regulatory Authority is looking to significantly expand the amount of information it provides investors about their brokers.

FINRA said that it plans to ask the U.S. Securities and Exchange Commission for the authority to expand its online BrokerCheck service.

The proposal would:

• increase the number of customer complaints reported publicly to include all complaints dating back to 1999;

• 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 available permanently, such as criminal convictions and certain civil and arbitration judgments.

“These proposed changes will provide additional information to 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.

IE