FINRA Members Not Happy With Ombudsman, Changes on the Way?

A recent reuters article mentions how there were recent elections to the board of FINRA. Many members, and representing firms are not happy with it's current setup.

"Three small-broker executives became on August 12 the first dissidents ever to win election to the Financial Industry Regulatory Authority's governing board, besting the regulator's nominees. Brokers at the annual meeting also approved, by a wide margin and over FINRA's objections, seven proposals that could compel FINRA to open up to members."

"...Roughly 4,300 small firms, those with less than 150 employees, comprise 92 percent of FINRA's members, but occupy just three seats on a board."

"...The overwhelming support for an independent inspector general at FINRA shows members are not satisfied with the results they get from FINRA's ombudsman, said Norensberg."

Full article here.

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