FSI warns of ‘false positives’ under CARDS

An organization representing independent broker-dealers doesn’t want Finra to include analysis of the suitability of investments in its proposed CARDS data-collection system and warned that the system would impose significant costs on its members.

In a comment letter on Dec. 1, the Financial Services Institute said the Financial Industry Regulatory Authority Inc. should collect only birth year, net worth and investment-time-horizon data. Other categories, such as investment objectives and risk tolerance, should be left out because of the difficulty of providing the information in a standard format.


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