Several advisors have told us recently that they went through FINRA's arbitration process and won their claim for expungement months ago. They are asking us how many months they should expect to wait before the disclosure is removed from BrokerCheck and their CRD.
There is no hard-and-fast rule on how quickly after winning the arbitration the disclosures should be removed from BrokerCheck and the CRD. However, AdvisorLaw runs quarterly reports to measure the time between receiving an arbitration award granting expungement, and FINRA removing the expunged disclosure from BrokerCheck and the CRD. In the third quarter of this year, the average time between award and the disclosures being removed was 54-days; about 7-weeks. That is the average for over 50 awards confirmed during the same time period; 185 confirmed YTD.
Being that a number of lawyers have contacted AdvisorLaw asking how to get expungement awards confirmed, we began to ask ourselves what kind of representation are advisors getting when they go elsewhere?
AdvisorLaw handles more expungement claims than the rest of the industry combined. We have never had an award confirmation denied (despite FINRA's efforts). But more importantly, we are not calling other firms asking how to do our job.
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This blog is our ongoing effort to inform and educate FINRA licensed professionals about the evolving regulatory ecosystem in which we operate.