Browse FINRA SIE & Series Exam Guides

Unethical Business Practices

Misstatements, fraud, and improper communications that violate securities industry rules.

This section focuses on conduct that crosses the line from aggressive selling into prohibited or unethical behavior. Series 6 often tests this area through practical sales situations: unsuitable switching, misleading statements, incomplete disclosure, forged signatures, hidden compensation incentives, or pressure tactics that put the rep ahead of the customer.

The easiest way to work these questions is to look for the hidden harm. If the action distorts the customer’s understanding, bypasses proper documentation, or creates a personal gain problem for the rep, the exam usually wants you to identify it as unethical or prohibited.

Red-flag practiceWhy it is a problem
MisrepresentationThe customer is making a decision on false or distorted information
Omission of material factsHalf-truths can be just as damaging as false statements
Improper switching or churning logicThe rep benefits while the customer absorbs unnecessary costs
Document or signature abuseThe control process is being bypassed
High-pressure sales behaviorCustomer choice is being manipulated rather than informed

Use this section to sharpen your “something is off here” instinct. That instinct is often what separates the right answer from a polished but wrong one.

In this section

Revised on Thursday, April 23, 2026