Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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When a customer files a complaint with a broker-dealer,
I. the broker-dealer must submit the complaint to the firm’s compliance department.
II. the broker-dealer must provide a prompt written response to the complainant.
III. the broker-dealer must temporarily suspend the activities of any agent named in the complaint.
  1. I, II and III
  2. I and II only
  3. I and III only
  4. II and III only
Explanation
Answer: B - Only Selections I and II are true. When a customer files a complaint with a broker-dealer, the broker-dealer is required to submit the complaint to the firm’s compliance department, if any, and to provide the complainant with a prompt written response. It is not necessary to suspend the activities of an agent named in the complaint.
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