FSI to FINRA: Fee Increases to Further Stifle Business

July 23, 2012

Significant hike in fees will negatively impact firms & investors

The Financial Services Institute (FSI) has submitted a comment letter to the SEC opposing the proposed FINRA fee increases. FSI also sent out a Call to Action to its member firms urging them to do the same. The proposed fee hike by FINRA would significantly raise the charges for branch office registrations, new member applications, continuing membership applications, Central Registration Depository filings and the review of advertising and sales literature.

“The proposed increases would greatly inflate the cost of doing business for financial services firms, hitting smaller firms the hardest,” said FSI President & CEO Dale Brown. “FSI’s mission is to create a healthier, more business-friendly regulatory environment for our members. Increased fees on firms whose margins are tightening every day takes us in the exact opposite direction. Not only would these fee increases unduly burden the industry, they would also negatively impact Americans trying to achieve their financial goals, by limiting their access to professional financial advice, products and services.”

Click here to view the letter.