FINRA Issues Notice Regarding Revisions to the Codes Used for Reporting Customer Complaints (Regulatory Notice 14-20)

FINRA issued a regulatory notice to inform firms that beginning October 1, 2014, firms must select product and problem codes when (i) reporting information regarding written customer complaints alleging theft or misappropriation of funds or securities, or forgery, (ii) reporting quarterly statistical and summary information regarding written customer complaints, and (iii) completing the online form to file copies of required documents.

According to the regulatory notice, the first quarterly report using the revised and new codes is due by January 15, 2015, which is the reporting deadline for customer complaints received during the fourth calendar quarter (October 1, 2014, through December 31, 2014). The revised and new product and problem codes are provided in Attachment A of the Regulatory Notice.

See: FINRA Regulatory Notice 14-20.