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ING Companies Hit With $1.2 Fine By FINRA-Failure To Supervise

FINRA announced February 19 , 2013, that it has fined five ING affiliates $1.2M for failing to review emails for periods ranging from two months to six years. The five affiliates are:

  • Directed Services, LLC
  • ING American Equities, Inc.
  • ING Financial Advisers, LLC
  • ING Financial Partners, Inc.
  • ING Investment Advisors, LLC

The FINRA press release which can be accessed here said:

"In addition, four of the firms failed to review millions of emails that the firms' email review software had flagged for supervisory review. At various times between January 2005 and May 2011, nearly six million emails flagged for review went unreviewed by supervisory principals because the email review software was not properly configured."

These emails could have been flagged for review are likely related to supervisory issues and/or customer complaints and the failure to review them could have resulted in no action being taken where it is clear that supervision was needed.

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