INVESTORS: New York-based Long Island Financial Group was fined by FINRA for violations of written and supervisory requirements of Regulation Best Interest.
FINRA fined and censured New York-based Long Island Financial Group for violating some of the basic written and supervisory requirements laid out by Regulation Best Interest. According to FINRA, these violations date back to June 2020, when Regulation Best Interest went into effect.
FINRA cited Long Island Financial Group for failure to supervise and “to establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance” with the regulation that requires brokers to put customers’ best interests ahead of their own financial gain. The Firm also “failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with Reg BI.” FINRA alleged that Long Island Financial Group ailed to deliver to its clients Form CRS, the customer relationship summary that broker-dealer clients and prospects are supposed to receive, explaining the firm’s service offerings, products, fees and conflicts of interest.
FINRA issued Long Island Financial Group a $35,000 fine, a public censure, and the requirement that it certify that it has remedied the compliance failures within 90 days, without admitting or denying FINRA’s findings.
The Sonn Law Group is currently investigating allegations surrounding Long Island Financial Group. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.