General Securities Sales Supervisor (Series10) Practice Exam

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If a customer withdraws a written complaint against a broker-dealer after the issue is resolved, what is required to be reported?

A Form CTR must be filed
A Form SAR must be filed
A report must be filed with FINRA
No report is required

The correct answer is: A report must be filed with FINRA

When a customer withdraws a written complaint against a broker-dealer after the issue has been resolved, it is indeed necessary to report it to the appropriate regulatory body, in this case, FINRA (Financial Industry Regulatory Authority). The requirement stems from the need to maintain a transparent record of customer complaints and resolutions within the broker-dealer's operational practices. Reporting to FINRA helps keep track of industry standards and compliance, ensuring that firms handle customer grievances effectively. Reaching a resolution and then having the customer withdraw their complaint is indicative of a successful resolution process, but the act of withdrawing a complaint still warrants documentation. This allows FINRA to oversee broker-dealers' practices and monitor for any patterns or issues that could have implications for investor protection or market integrity. Keeping records, including any withdrawals of complaints, provides insights into how firms address customer concerns and enhances overall accountability in the financial industry.