Filed Under:Your Practice, Regulatory

FINRA fines ING firms $1.2M for poor email practices

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined five affiliates of ING $1.2 million for failing to retain or review millions of emails for periods ranging from two months to more than six years. 

NASD rules require that firms develop procedures for the review of email correspondence with the public, and FINRA is taking it very seriously. 

In many cases, the email preservation issues show up alongside other compliance shortcomings, so email system preservation and review are checked by FINRA examiners as a matter of course.

In one recent case, FINRA found one firm failed to employ a systematic and consistent method for confirming that its registered representatives were forwarding all securities-related emails for retention. This firm also allegedly failed to have an adequate system in place to confirm whether outside business email addresses were being used for securities-related correspondence and whether all were being retained. The firm failed to reasonably enforce its supervisory procedures to ensure that all securities-related emails registered representatives sent or received were captured, reviewed.

Featured Video

Most Recent Videos

Prospects not listening to voice mail? Arrange a phone date


Redesigning your phone life is more important than finding the “best words” for a voice mail in today’s culture.

Behind the scenes with Vicki Gunvalson [VIDEO]


In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI


Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's


An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Related resources

More Resources


Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.