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Department of Labor fiduciary duty proposal delayed

The Department of Labor timeline for releasing the proposal for an expanded fiduciary duty for advisors who work with retirement plans has been delayed.  Speaking at the Financial Services Institute’s Financial Advisor Summit, Phyllis Borzi, the Labor Department’s assistant secretary for the Employee Benefit Security Administration, said that her agency is continuing to revise its proposal, and that […]

Fiduciary duty conversation continues

New rules that could require certain brokers to act in the best interests of clients should enhance laws already in place for some financial advisers, a coalition of investor advocacy and trade groups wrote late on Thursday. The letter to Securities and Exchange Commission Chairman Mary Schapiro from groups that include the Consumer Federation of […]

SEC Urges Uniform Fiduciary Duty For Brokers and Advisers

U.S. securities regulators on Friday called for a new uniform fiduciary standard for broker-dealers and investment advisers that would require them to put retail customers ahead of their own financial interests. The recommendations, laid out by the Securities and Exchange Commission in a study reviewed by Reuters late on Friday, would drastically alter the landscape […]

SEC to Decide Fiduciary Standard

Legislators finally reached a compromise on the fiduciary standard bill late Thursday after fierce last-minute wrangling over its contents. While the House’s version pushed for the Securities and Exchange Commission to create a fiduciary standard, the Senate preferred instead to have the SEC study differences between its fiduciary standard and the suitability standard many brokers […]

New Salvo in Debate Over Fidiciary Duty Reform

The debate over the inclusion of a single fiduciary standard in financial reform legislation is now being hit with a new lobbyist assault under the guise of legislator education. The insurance industry lobbyist machine, perhaps the most vehement opposition to sweeping fiduciary reform, now wishes for the Senate to authorize a study over the implications […]