Customer Documentation
The Trusted Contact Person (TCP) for an account:
TCP = contact only, NO trading authority. Helps protect against exploitation and diminished capacity.
Complete Analysis & Legal Rationale
The TCP is a resource the firm may contact when there are concerns about the customer, such as possible financial exploitation or diminished capacity. The TCP does NOT have authority to trade and does not need to be related to the customer or be a registered representative.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Does not match the governing concept in the explanation.
Does not match the governing concept in the explanation.
Matches the verified teaching point in the explanation.
Does not match the governing concept in the explanation.
Official Standard: Permits temporary holds and related steps regarding suspected financial exploitation (verify current text).
Official Standard: Outline-level citation pending rule-specific upgrade. Verify against current FINRA Series 7 outline.