Wall Street regulator to consider mandating broker background checks

WASHINGTON (Reuters) - Wall Street's self-funded regulator announced on Wednesday it will soon consider whether to propose new rules to require background checks for brokers. The Financial Industry Regulatory Authority said in an online posting that its board will review the plan at an April 24 meeting. The announcement can be found here: http://www.finra.org/Industry/Regulation/Guidance/CommunicationstoFirms/P486188 The proposal comes after critics, including the Public Investors Arbitration Bar Association, alleged that FINRA's online disclosure system contains information gaps that could allow brokers with checked histories to continue managing money for investors. (Reporting by Sarah N. Lynch Editing by W Simon)