Series 7: 11.3.8 Customer Complaints

11.3.8  Customer Complaints

FINRA defines customer complaint as any written statement from a customer alleging a grievance that involves the activities of a member firm or its associated persons in connection with the solicitation or execution of a securities transaction.

For complaints specifically involving allegations of theft, forgery, or the misappropriation of funds, member firms must promptly report to FINRA upon learning that the firm or an associated person is the subject of a written customer complaint. In no case may such customer complaints be reported later than 30 days after the member firm has learned or should have learned of the complaint.

If a member firm or associated person is the subject of a claim for damages by a customer, broker, or dealer in connection with the solicitation or execution of a securities transaction, the member firm must promptly report that claim to FINRA, assuming th