Interactive mediators have been fined at $ 400,000 by the Financial Industry Regulatory Authority (Finra) for the failure of reports and supervision for a long time related to customer complaints, organizational disclosure and internal controls.
In a letter of acceptance, the concession of approval stated on May 1, that the company failed to report accurately about statistical and specialized information related to the complaints of customer written from January 2020 to June 2022, in violation of the Finra 4530.
During this period, the organizer said that at least 300 complaints were not reported, including those related to site jobs, customer service and trading platform problems.
According to what the infer found that interactive brokers had an insufficient supervisory system, as it stated that the written procedures and training materials of the company did not provide sufficient instructions to determine complaints and report them under the rules in force.
Between 2011 and 2022, interactive mediators are also said to have failed to report 91 timely regulatory measures and civil complaints.
Finra explained that in 12 cases, the company did not update its BD shape to reveal the measures taken by foreign financial organizers against its subsidiaries.
The broker has reported the issues in the Finra in early 2022 and since then has amended its files. In addition to the fine and formal control, the company must now ratify within 180 days that it carried out a supervisory system capable of compliance.
Before the interactive mediators, the results without accepting or denying them.