Thomas E. Edworth Phillips Jr (CRD #362797) Has Customer Dispute and Employment Separation Disclosures on FINRA BrokerCheck

Thomas E. Edworth Phillips Jr (CRD #362797) was previously registered with UBS Financial Services Inc. His FINRA BrokerCheck report lists one customer dispute and one termination. We reviewed the report on June 10, 2026. Keep reading if you invested with Thomas E. Edworth Phillips Jr and have concerns.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Employment Separation

Thomas Phillips’s FINRA BrokerCheck Report reflects one employment separation disclosure. A summary of the disclosure is below:

On April 6, 2026, UBS Financial Services Inc. discharged Thomas Phillips after a review. Thomas Phillips FINRA BrokerCheck says the firm determined that he violated firm policies. The report says the policy issue included using another UBS employee’s credentials to access firm systems. Thomas Phillips FINRA BrokerCheck lists the product type as no product.

Investor Disputes / Customer Complaints

Thomas Phillips’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On November 15, 1990, customers alleged unsuitable recommendations. The claim involved the PaineWebber Master Income Fund and the Eaton Vance High Income Fund. The customers alleged $65,000 in losses and $500,000 in punitive damages. Thomas Phillips FINRA BrokerCheck reports an award to customers on June 5, 1991. The award provided $32,500 in monetary compensation.

The broker statement says two arbitrators awarded 50% of the alleged losses. It also says Thomas Phillips was exonerated by an internal investigation. The statement says none of the award costs were personally charged to him.

Rule Summary #1: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires members to observe high standards of commercial honor. It also requires just and equitable principles of trade. The rule can apply when a firm reports conduct concerns or policy violations.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for each securities recommendation. It is relevant when a customer claims an investment did not fit the customer’s needs or risk profile.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Thomas Phillips:

Is not currently registered as a broker.

Has passed the Securities Industry Essentials (SIE) exam. Thomas Phillips has passed Series 7TO, Series 1, Series 8, Series 9, and Series 10. He has also passed Series 65 and Series 63.

Was previously registered with firms that include UBS Financial Services Inc., Paine, Webber, Jackson & Curtis Incorporated, and Abbott, Proctor & Paine.

Kurta Law Can Help

If you worked with Thomas Phillips, Kurta Law may be able to help. The firm can review your concerns and explain possible legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Investment Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. An attorney can review the facts. The review can help explain possible next steps.