Fired Wells Fargo Brokers Asked to Contact Finra With Concerns
December 09 2016 - 5:29PM
Dow Jones News
By Lisa Beilfuss
The brokerage industry's self-regulator has asked employees
fired by Wells Fargo & Co. and stripped of their securities
registrations to come forward if they have concerns over their
treatment, the latest sign of growing scrutiny on the bank.
The request from the Financial Industry Regulatory Authority, or
Finra, comes as lawmakers question whether Wells Fargo wrongfully
fired employees who pushed back on questionable sales practices and
sometimes mischaracterized their behavior on their industry
records.
In response to an inquiry by Sens. Elizabeth Warren (D., Mass.),
Ron Wyden (D., Ore.), and Bob Menendez (D., N.J.), Finra has said
that more than 600 Wells Fargo employees fired during the five-year
period that encompassed the bank's cross-selling scandal had
received termination filings known as Form U5s. Such forms document
the reasons for the dismissal of brokerage employees, and negative
justifications can hinder an adviser from gaining employment
elsewhere in the industry.
Last month, Sen. Bob Casey (D., Pa.) asked Finra to expedite its
review of broker firings, writing that "Wells Fargo appears to have
terminated employees because they either refused to break the law,
or reported unauthorized and abusive activity to their supervisors,
the Wells Fargo ethics hotline or human resources."
Finra said Friday that it has established a phone line and email
address for use by former registered Wells Fargo Bank employees "to
report instances where they believe there are material issues
associated with the processing of their Form U5, including the
accuracy and completeness of the language filed by Wells Fargo
Advisors describing the reason for termination."
Former Wells Fargo employees can contact Finra at (800) 334-0668
or U5review@finra.org. The phone line and email address will be
available for the next 90 days.
"If any former team member has concerns with their termination
or a U5 filing then we want to hear from them," a Wells Fargo
spokeswoman said.
Sen. Casey praised Finra's effort to connect with former Wells
Fargo employees who believe they were mistreated. "Wells Fargo
employees who did the right thing must be treated fairly," and "
shouldn't have their careers ruined," he said.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
December 09, 2016 17:14 ET (22:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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