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(614) 532-4576David P. Meyer, Meyer Wilson Founding Principal and President of the PIABA (Public Investors Advocate Bar Association) has co-authored a new report about the FINRA’s long-standing problem with unpaid arbitration awards.
The new report – FINRA Arbitration’s Persistent Unpaid Award Problem – is the third PIABA release to detail the scope of unpaid FINRA awards, which currently hovers around 24% of all dollars awarded to investors and which rose to nearly 30% in 2020.
It also discusses how the securities industry has continually failed to implement needed safeguards that protect investors and why it is time for legislators to step in and pass meaningful protections in the form of a national investor recovery pool.
“Many investors do not discover the misconduct in their investment accounts until there is a market correction. For these investors, most of whom rely on their own savings – often in a retirement plan - rather than a pension to fund their retirements, a meaningful market downturn will likely reveal unprecedented harm to America’s retirees and those on the verge of retirement.
Since the industry has shown no interest in taking steps to ensure it maintains the same sort of financial responsibility it preaches to its customers, it is time for regulators and legislators to mandate seat belts, in the form of a national investor recovery pool.”
