Summary
NORMAN, Okla., May 20 /PRNewswire-USNewswire/ -- The Public Investors Arbitration Bar Association ("PIABA") announced its support of the proposed Menendez-Akaka amendment to the Senate financial reform bill, Restoring American Financial Stability Act ("RAFSA"). The amendment would bring the Senate version of the legislation more in line with the House version, imposing fiduciary obligations upon brokers and broker-dealers as a matter of federal law. The House version has garnered broad support from groups advocating for investors' interests, including the North American Securities Administrators Association ("NASAA"), as well as the SEC Chairman, Mary Schapiro. PIABA believes RAFSA should specifically provide that brokers are fiduciaries as to their clients.
In the current marketplace, where brokerage firms routinely market themselves as providing services that put the customer first, many customers are surprised when their broker claims not to have fiduciary obligations. PIABA President, Scott R. Shewan of Pape and Shewan in Clovis, California said, "We strongly support regulatory reform for the financial industry. Brokers and brokerage firms must be held to the highest principles of integrity and loyalty -- that is what the fiduciary standard requires of them."See the full content of this document
Extract
Piaba Supports the Fiduciary Duty Amendment to Reform Bill
The recent economic collapse left many investors holding the bag of risky investments, many of which were backed by subprime mortgages that w...
See the full content of this document
Sponsored links
