Q: I had a client recently who was upset that his account had declined. I took it as the client just blowing off steam since I know my client and he gets like that sometimes. I didn’t bother escalating it to management since I didn’t really see it as a client complaint. But he later gave my manager an earful and I caught flak for not reporting it. Where should we draw the line between a customer complaint and a client just venting?
A: The Supplementary Material to FINRA Rule 4530 says that a “member must report any written grievance by [a customer] involving the member or a person associated with the member. In addition, with respect to a [customer], … the member must report any securities-related written grievance by such person involving the member or a person associated with the member and any written complaint … alleging theft, misappropriation of funds or securities, or forgery.”
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