How soon must firms report written customer complaints to FINRA?

How soon must firms report written customer complaints to FINRA?

• A. Within 30 days of receipt
• B. Within 15 days of the end of the quarter
• C. Within 15 days of the complaint submission date
• D. At the end of the quarter

Answer: (C)

Firms must report written customer complaints to FINRA within 15 days of the complaint submission date. This requirement is in place to ensure that any issues raised by customers are promptly acknowledged, tracked, and addressed, helping to maintain transparency and protect investors in the securities industry. Timely reporting allows FINRA to monitor the activities and practices of firms effectively, ensuring compliance with regulations and the integrity of the market. The detail that this timeframe starts from the date of the complaint is critical because it places the responsibility on the firms to act quickly when they receive customer feedback that may reflect broader concerns about their services or practices. The prompt reporting aligns with industry standards for accountability and helps facilitate necessary regulatory oversight.

Firms must report written customer complaints to FINRA within 15 days of the complaint submission date. This requirement is in place to ensure that any issues raised by customers are promptly acknowledged, tracked, and addressed, helping to maintain transparency and protect investors in the securities industry. Timely reporting allows FINRA to monitor the activities and practices of firms effectively, ensuring compliance with regulations and the integrity of the market.

The detail that this timeframe starts from the date of the complaint is critical because it places the responsibility on the firms to act quickly when they receive customer feedback that may reflect broader concerns about their services or practices. The prompt reporting aligns with industry standards for accountability and helps facilitate necessary regulatory oversight.