02.20.19
Top Insurance Industry Groups Criticize State Fiduciary Efforts
by: Patrick Temple-West
Three insurance industry trade associations on Tuesday criticized state efforts to implement regulations that would require financial brokers to put their customers' best interests ahead of their own compensation when offering investing advice. The American Council of Life Insurers, the National Association of Insurance and Financial Advisors, and the Association for Advanced Life Underwriting said states' fiduciary duty laws will be harmful to consumers. “Adoption of fiduciary standards, and differing standards from state to state, will cause adverse consequences for consumers,” the groups said in a joint statement. “It will also result in a patchwork quilt of state and federal laws and regulations that will spread uneven protections across the country and across the retirement plan marketplace, jeopardizing savers' ability to obtain long-term financial peace of mind.”
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