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25 February, 08:50

Earlier this year, a client of yours wrote a letter to the firm, requesting that his mail be held for 2 months, which your firm did. Later in the year, the customer writes another letter, asking that the mail be held for another 3 months. Which statement is TRUE about this?

A. You can follow the customer's written instructions and hold the mail for an additional 3 months

B. You can follow the customer's written instructions and hold the mail for an additional 3 months only if the branch manager approves

C. You can follow the customer's written instructions and hold the mail for an additional 3 months if the letter included an acceptable reason for holding the mail

D. You cannot hold the mail for any additional length of time

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  1. 25 February, 10:19
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    C. You can follow the customer's written instructions and hold the mail for an additional 3 months if the letter included an acceptable reason for holding the mail

    Explanation:

    Only if the customer requests in writing, FINRA will not authorize the mail of a customer to be kept. No further information is required as long as the application does not extend 3 months.

    If, furthermore, the customer requests the mail kept for more than 3 months, then perhaps a genuine reason, like health or safety issues, should be included in the order.

    FINRA aggregates all hold requests which occur during one year in calculating the 3 months. The first proposal to hold for 2 months did not require an acceptable reason.

    The next application involves the client in 1 year over 3 months, so a valid excuse should be provided in the letter of 2nd request to keep the mail of that customer again.
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