FINRA, the Financial Industry Regulatory Authority, is the private, not-for-profit self-regulatory organization that writes and enforces rules for broker-dealers and their registered representatives under SEC supervision.
FINRA isn't a government agency. It is registered with the SEC, works under the SEC's supervision, and is paid for by its member firms. It writes and enforces rules for its members, administers qualification exams such as the SIE and Series 7, and runs the largest securities dispute resolution forum in the US, where many customer complaints go to arbitration.
FINRA regulates brokers, not investment advisers. A firm that is only a registered investment adviser answers to the SEC or its state securities regulator. A dual registrant answers to both.
FINRA also runs BrokerCheck, the free tool for checking a broker's background.
How to check
Search the person or firm on FINRA BrokerCheck to see whether they are FINRA-registered and whether any regulatory action has been taken against them.
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