September 25, 2009
I am writing to express my concern about a rule proposal that the Financial Industry Regulatory Authority (FINRA) filed with the Securities and Exchange Commission (SEC) concerning a proposal to change FINRA`s regulatory pricing structure by increasing the Personnel Assessment (PA) and Gross Income Assessment (GIA) fees it charges financial advisors and broker-dealers, respectively. In its filing, FINRA indicates that these changes are needed in order to stabilize revenues used to fund FINRA`s regulatory activities.
This Assessment increase is so abusive that it is hard to articulate a response. Let`s also double the "advisory fees" we charge investors so that "financial advisors" can recover significant lost revenue as well. How Preposterous!
Hammond Financial, Inc.