Raymond James has been fined $ 500,000 by the Financial Industry Regulation Authority ( FINRA ) over allegations it violated customer privacy . It is claimed the firms ' transition support staff helped newly recruited brokers to set up accounts by pre - populating forms with public information obtained from their old broker / dealer , and non - public information such as addresses and account details , without obtaining the customers ' consent ; this violates Regulation S - P , which is meant to protect customer privacy . The Financial Industry Regulatory Authority levied a $500,000 fine against Raymond James earlier this week, alleging the St. Petersburg, Fla.-based firm violated customer privacy. Reports suggest that brokerage firms routinely let employees violate customer privacy , however , there is no outcry as the public usually do not know it is illegal .
Raymond James has been fined $ 500,000 by the Financial Industry Regulation Authority ( FINRA ) over allegations it violated customer privacy . It is claimed the firms ' transition support staff helped newly recruited brokers to set up accounts by pre - populating forms with public information obtained from their old broker / dealer , and non - public information such as addresses and account details , without obtaining the customers ' consent ; this violates Regulation S - P , which is meant to protect customer privacy . Reports suggest that brokerage firms routinely let employees violate customer privacy , however , there is no outcry as the public usually do not know it is illegal .