COMPLAINTS MODULE SIMPLIFIES FINRA RULE 4530(a) COMPLIANCE
When it comes to regulatory compliance, time is of the essence. Under FINRA Rule 4530(a), Broker-Dealers must report any violations of, or complaints regarding, financial- or investment-related laws, rules, or regulations within a strict 30-day timeframe. You have 30 calendar days to disclose violations or complaints involving your firm or associated individuals.
The clock starts ticking the moment your firm becomes aware—or should have become aware—of the issue. Missing this crucial deadline can result in significant penalties, making it imperative to have an efficient, reliable system to manage and report these occurrences promptly.
Patrina’s Complaints Module is designed to simplify compliance with FINRA Rule 4530(a). Our solution provides a streamlined, step-by-step process that ensures all relevant data is captured, reviewed, and reported accurately within the required timeframe. With automated alerts, centralized data management, and comprehensive reporting tools, the Complaints Module empowers your firm to stay ahead of regulatory requirements and avoid costly fines.
FINRA wants more
Compliance with FINRA doesn’t stop with the initial 30-day reporting of violations or complaints. Under FINRA Rule 4530(d), Broker-Dealers must also submit quarterly statistical and summary data concerning any written customer complaints. This requirement underscores the seriousness with which FINRA treats customer grievances and highlights the importance of diligent record-keeping and reporting.
FINRA’s stringent approach to customer complaints means that your firm must not only track and respond to individual complaints but also compile and submit comprehensive reports on these issues regularly. Failing to meet these obligations can lead to heightened scrutiny, penalties, and damage to your firm’s reputation.
Patrina’s Complaints Module offers a seamless way to manage these requirements, automating the collection, organization, and submission of the necessary data. Using our platform, you can ensure that your firm fully complies with FINRA Rule 4530(d), thereby minimizing the risk of regulatory action and demonstrating your commitment to transparency and customer care.
What you don’t know really can cost you
One of 8 powerful modules built on the industry’s easiest-to-use interface, Patrina’s Complaints Module streamlines the collection and reporting process. Identification, confirmation, reporting, investigation, tracking, and remediation are easier from a single Patrina dashboard — regardless of whether you are a one-branch shop or a multinational.
Protect your customers. Protect your firm.
Patrina’s Complaints Module built-in workflows permit you to easily and accurately:
- Funnel complaints to appropriate members for follow-up and investigation;
- Generate customizable customer/internal complaint reports and email acknowledgements to reporting parties;
- Conduct, track, and store interviews and all relevant data in accordance with 17a-(4) requirements;
- Connect appropriate product and problem codes to each complaint;
Best yet, because the Patrina Complaints Module is part of the Patrina Compliance Suite, it integrates smoothly into Branch Risk Profile and Employee Heightened Supervision tools.
Patrina’s that simple
Point. Click. Compliance..
So, when the regulators call, will you be ready?
Click here to schedule your Patrina demo or call +1.212.233.1155 today and we’ll help you do more, spend less, and reduce risk!
