FINRA Fines Tastytrade $200,000 for Failing to Report 71 Customer Complaints Over Four Years

According to FINRA, retail brokerage Tastytrade received a $200,000 fine for failing to report at least 71 written customer complaints from 2020 to 2023 and lacking supervisory procedures reasonably designed to comply with complaint-reporting requirements. The regulator found that the firm failed to establish and maintain systems to ensure complaints reached compliance teams for disclosure to regulators under FINRA Rule 4530(d). Tastytrade updated its training and escalation procedures in early 2024.
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