The Financial Industry Regulatory Authority (FINRA) has fined Osaic Wealth, Inc., formerly known as Royal Alliance Associates, Inc. and Securities America, Inc.
From January 2021 through March 2023, Osaic Wealth and Securities America each failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to safeguard customer records and information.
Between January 2021 and March 2023, Osaic Wealth and Securities America each relied on an enterprise level cybersecurity program provided by their corporate parent. However, prior to March 2023, each firm’s WSPs permitted independent branch offices to develop their own security and data loss prevention controls.
Until March 2023, neither Osaic Wealth nor Securities America required, and therefore many of their branch offices lacked,…
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