FINRA's Ketchum calls for harmonization of rules

03/15/2013 | Wall Street Journal, The

Investment advisers and brokers should be governed by the same set of rules, and the Securities and Exchange Commission's oversight has fallen short, says Richard Ketchum, the chairman and CEO of the Financial Industry Regulatory Authority. "If investors are to be protected, investment advisers need to be examined regularly and vigorously. It's as simple as that, and it is not happening under our current system," Ketchum said at an industry conference. Taking over supervision of investment advisers, however, is not a priority for FINRA, he has said.

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