01.17.19
Fiduciary Groups Meet in Joint Resistance to SEC Reg BI
by: Tracey Longo
Fiduciary and investor advocates from 13 groups met on Wednesday to determine whether they can agree on a strategy for amending and publicizing flaws in the SEC’s Regulation Best Interest proposal, which they believe protects Wall Street at the expense of consumers. The groups claim the proposal will weaken consumer protections by providing hybrid brokers with an exclusion from tough investment advisor regulation that would require them to mitigate many of the conflicts of interests that can be costly to investors. In addition to advocating for a joint statement on the regulation, the Institute for the Fiduciary Standard, which hosted the meeting, also pressed for support of state fiduciary initiatives, such as New Jersey’s rule.
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