News | 03.07.19
FINRA Extends Deadline for Brokerages to Self-Report Costly 529 Plans
In a set of frequently asked questions posted on the FINRA website Wednesday, the regulator said it is extending the deadline from April 1 to the end of the month for firms to self-report if they do not have the appropriate supervisory procedures in place to oversee the sale of high-fee 529 college savings accounts. FINRA launched a program in January targeting the recommendations of certain share classes in such plans that may not be the best option based on a client's circumstances. For firms that step forward, the regulator said it would not fine them for violations but would require restitution to investors.
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