And Exchange Commission to Create a Uniform Fiduciary Standard
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WASHINGTON, June 23, 2011 /PRNewswire-USNewswire/ -- The Financial Planning Coalition (FPC) today delivered a letter to the Securities and Exchange Commission (SEC), accompanied by a petition signed by more than 5,200 financial planners, urging the SEC to apply a fiduciary standard to anyone providing personalized investment advice to retail clients. The full letter can be found here and below.
"The Coalition appreciates the leadership you have shown in your support of a fiduciary standard for advice provided to retail investors. We are deeply concerned that current regulations governing the delivery of personalized investment advice are insufficient to protect investors," the Coalition stated in its letter to the SEC, which was also sent to members of Congress.See the full content of this document
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And Exchange Commission to Create a Uniform Fiduciary Standard
The SEC is comprised of the Financial Planning Association(R) (FPA(R)), Certified Financial Planner Board of Standards, Inc. (CFP Board) and the National Association of Personal Financial Advisors (NAPFA).
In its letter, the Coalition urged the SEC to use its authority under Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish a strong and uniform fiduciary standard of conduct for broker-dealers and investment advisers that is no less stringent than that under the Investment Advisers Act of 1940. The Coali...See the full content of this document
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