A senator wrote to FINRAand the SEC raising concerns about the high rate that broker-dealers have complaints expunged from their records.  See http://www.markey.senate.gove/documents/2013-10-25_FINRA.pdf; http://www.markey.senate.gove/documents/2013-10-25_SEC.pdf.

In the letter to FINRA, the senator said the high expungement rate means that BrokerCheck is not providing investors with accurate information, and “rogue brokers” continue to operate their businesses.  The senator wants all arbitration awards and settlements reported to BrokerCheck and expungement rarely granted.  Additionally, it was suggested that FINRA establish an internal process to determine if expungement is required.

In sum, FINRA will review these suggestions very carefully.