Form U5 a Top Trigger of FINRA Investigations

What You Need to Know
Firms that don't clearly state why a broker has been terminated in a Form U5 can expect a call from FINRA, it warns.
Forms U4 and U5 issues are the top source of FINRA investigations.
FINRA enforcement brings about 700-800 disciplinary actions a year of the more than 25,000 matters it looks into.
Most of the enforcement actions taken by the Financial Industry Regulatory Authority are focused on brokers who are “bad actors” and made “clear-cut violations” of FINRA member rules and securities laws, and they are “not close calls,” according to Steven Price, senior vice president, National Cause Program for FINRA Member Supervision.

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