According to FINRA, Thomas Phillip Simpson was barred from association with any FINRA member in all capacities for refusing to provide documents and information requested by FINRA in connection with its investigation of circumstances surrounding his termination from his member firm.

Simpson's firm filed a Form U5 disclosing that it had terminated his registration after he failed to conduct insurance business in accordance with published policies, rules and manuals. While the underlying conduct involved insurance business, registered representatives are required to comply with all firm policies and cooperate with regulatory investigations regardless of the nature of the underlying allegations.

This case demonstrates that cooperation with FINRA is mandatory for all individuals registered in the securities industry. Those who refuse to provide information when requested face automatic expulsion from the industry, which protects investors from individuals who lack the integrity and transparency required to serve in positions of trust.