Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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Broker-dealer Small & Associates has received a complaint about one of its agents, Mr. Ari Gaunt. Small & Associates is required to
  1. keep the complaint in Mr. Gaunt’s employee file as long as Mr. Gaunt remains employed with the firm.
  2. immediately forward the complaint to the Administrator of any state in which Mr. Gaunt is a registered agent.
  3. call the client who complained and inform him of the disciplinary action that will be taken against Mr. Gaunt.
  4. provide the client with a written response to the complaint.
Explanation
Answer: D - Small and Associates must provide the client a written response to the complaint about Mr. Ari Gaunt. The broker-dealer does not need to forward the complaint immediately to the state Administrator, nor is it required to keep the complaint in Mr. Gaunt’s employee file indefinitely.
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