securities arbitrations: The organization is the nonprofit wing of the Public Investors Advocate Bar Association, according to Market Watch. Bar association members represent investors in securities arbitrations while the foundation promotes investor literacy for consumers so they can avoid money losses due to bad financial advice. Too many brokers are erasing customer complaints with an expungement process that's being systematically gamed, exploited and abused with one-sided hearings, the PIABA Foundation said in a report released Tuesday. Expungement when brokers totally wipe clean their record of complaints is supposed to be a rare step, but arbitrators signed off on 81% to 93% of brokers' expungement requests between 2015 and 2018, according to the report. There are nearly 630,000 brokers registered with the organization, FINRA statistics show. PIABA Foundation officials are referring to proceedings that happen within the Financial Industry Regulatory Authority FINRA a nonprofit organization overseen by the Securities and Exchange Commission that supervises brokerage firms.
(news.financializer.com). As
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Tagged under securities arbitrations, money losses topics.