Brokers who have unreported bankruptcies have worse disciplinary records than the industry norm. -Wall Street Journal Study
The employers of securities brokers are required to report information such as bankruptcy filings, criminal records, and other red flags to FINRA. Failure to disclose this information can result in substantial fines.
Although many employers have a policy which tells brokers to disclose these types of personal situations, if the employee simply does not follow your policy, it is often the company who is left dealing with the fines and tarnished reputation.
In 2014, the FINRA Background Check rules expanded to also require employers to now verify the accuracy and completeness of the U4.
Initial Verification. Background Decision is a national leader in background screening. We can build customized solutions that appropriately vet your hires. This process can easily include verification of the U4 information.
Ongoing Broker Monitoring. We offer scale-able solutions to monitor your existing brokers for new criminal records and/or credit changes like bankruptcy filings.
Initial Verification. Our technology platform can be easily customized to have the broker pay for the screening, verification, and/or ongoing monitoring process.