Nearly a year after the Securities and Exchange Commission delivered a report to Congress recommending a regulation that would impose a universal fiduciary duty for retail investment advice, the agency has yet to propose a rule — and the road to that point soon may lengthen further.
In a letter to Congress last week, the SEC said that it will gather information for an economic analysis of the impact of a standard-of-care regulation....
"We are supportive of the SEC moving forward in a deliberative and appropriate process to lay the foundation for a rule," said Marilyn Mohrman-Gillis, managing director of public policy and communications at the Certified Financial Planner Board of Standards Inc.
She argues that universal fiduciary duty will help the millions of baby boomers who are nearing retirement and must protect their nest eggs.
"These are the people who desperately need financial advice at a fiduciary standard of care," Ms. Mohrman-Gillis said. "It is even more necessary today than when Dodd-Frank was passed." Read more >
Mark Schoeff Jr.
January 13, 2012