FSI Announces Formation of FINRA CARDS Task Force

October 2, 2014
LPL Financial President Robert Moore to Chair Effort

The Financial Services Institute (FSI) today announced the formation of a task force to address FINRA’s Comprehensive Automated Risk Data System (CARDS). LPL Financial President Robert Moore will chair the Task Force. Amy Webber, President of Cambridge Investment Research and Steve Chipman, CEO of Foothill Securities, represent the FSI Board of Directors on the Task Force, with certain members of the FSI Compliance Council and the FSI Operations & Technology Council forming the rest of the group.

“My decision to lead the CARDS task force is rooted in my deep personal commitment to ensuring the effectiveness of this important rule and maintaining transparency and dialogue throughout this process,” said Mr. Moore. “I look forward to collaborating with other FSI member firms and FINRA to advance the best interests of investors and the delivery of critical financial advice.”

FSI President & CEO Dale Brown said: “As always, our goal is to work constructively with FINRA on behalf of our members and Main Street American investors. Protecting investors is the utmost priority for FSI members, and FSI looks forward to working with FINRA to ensure that this proposal will do just that, while allowing our members to effectively provide the objective financial guidance that is so valued by their clients.”

The work of the task force will include:

  • Analyzing the next iteration of the CARDS proposal, with a focus on issues of data security, data quality, regulatory oversight and cost;
  • Using the skills of the technical experts on the task force, evaluating the technical specifications and developing recommendations;
  • Collecting information from firms to determine the estimated cost of complying with CARDS requirements;
  • Collaborating with FINRA on the cost-benefit analysis; and Assisting FSI in drafting a comment letter that reflects the collective views of FSI members.