Hugh Berkson Calls for BrokerCheck System Update

FINRA’s new CEO, Robert Cook, faces many challenges as long-simmering issues over transparency and investor protections are likely to boil over during his tenure. The organization has received sharp criticisms from congress and industry experts complain that efforts to address concerns are not effective. PIABA President Hugh Berkson notes that the BrokerCheck system developed by FINRA provides incomplete, and therefore misleading, information to investors. The BrokerCheck system was intended to allow investors to obtain a broker’s work history, licenses, certifications, and violations but it lacks the transparency needed to effectively perform this function. PIABA, an organization of attorneys who represent investors, wants this matter resolved.