The Financial Planning Coalition has called on Congress to support the Securities and Exchange Commission in establishing a fiduciary standard of care for broker-dealers.
The coalition is also urging Congress—particularly the Republican majority in the House, which is threatening to cut funding for the SEC—to provide full funding for the SEC to protect investors from financial scams like Bernard Madoff’s Ponzi scheme. The Financial Planning Coalition is a lobbying group that includes the Certified Financial Planner Board of Standards, the Financial Planning Association, and the National Association of Personal Financial Advisors, representing nearly 75,000 financial planners.
“Congress needs to support the work of the SEC as it carries out the will of Congress in the Dodd-Frank legislation,” said Marilyn Mohrman-Gillis, managing director for public policy and communications at the CFP Board of Standards. “This includes moving forward with key consumer protection initiatives and providing the full funding authority the SEC has requested, which does not come from taxpayers but those whom the Commission regulates.” Read more >
March 30, 2011