Investor Complaints Continue to Rise, Brokerage Firm Expulsions Down, NASD Reports
WASHINGTON -- As industry experts continue to advise credit unions to check the NASD.com site for the most up-to-date actions and credentials on brokerage firms, the regulator continues to see an increase in individual investor complaints each year.
NASD oversees the activities of more than 5,075 brokerage firms, approximately 172,050 branch offices and more than 662,800 registered securities representatives.
According to NASD's five-year statistical review 2002-2006 updated through Nov. 1, the agency received 5,137 investor complaints in 2005, up from 4,687 in 2004. The number of firms expelled has seesawed over the past four years going from 25 in 2002 to 30 in 2003, 22 in 2004 and 15 in 2005. The number of individuals barred or suspended has remained relatively steady over the past few years, NASD reports.