Raymond James’ has been fined $ 250,000 by FINRA ( the Financial Industry Regulatory Authority ) 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 client information taken from their old broker/dealer, including 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. there’s no outcry because the public usually doesn’t know it’s happening. Reports suggest that brokerage firms routinely let employees violate consumer privacy, however, there is no outcry as the public usually do not know it is happening.
Raymond James’ has been fined $ 250,000 by FINRA ( the Financial Industry Regulatory Authority ) 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 client information taken from their old broker/dealer, including 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 consumer privacy, however, there is no outcry as the public usually do not know it is happening.