August 12, 2010
I want to strenuously object to even more regulation and added costs to those who deal with clients on a daily basis and should be adequately covered by their internal compliance departments. Perhaps, that is where the emphasis ought to be placed. It seems that weekly or more often I am called upon to take another course, sign another ethics statement, endure another audit or whatever they have come up with this week. Yet, I encounter folks in my area who are committing the very offenses that I have been checked out on ad nauseum. Where are the compliance visits, audits, etc for them? It makes no sense. I have no interest in turning in the competition, yet I see repeated examples of how the standards are different. You need to create a uniform set of standards with a means of enforcement before you expend the regulations on just a few. These are unnecessary, kind of like the required FINRA ethics training I endured only last month which was a complete waste of time and insulting.