Public Policy

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Regulatory Comments

CFP Board and Others Voice Opposition to Weakened Fiduciary Standard

Jun 05, 2013
On June 4, 2013, CFP Board and eight other consumer, industry and state regulator organizations sent a letter to newly appointed SEC Chairman Mary Jo White supporting a uniform fiduciary standard consistent with Dodd-Frank.  The letter is signed by a group of diverse organizations aligned in advocating for the extension of a client-first fiduciary standard to broker-dealers providing personalized investment advice – AARP, American Institute of Certified Public Accountants, Certified Financial Planner Board of Standards, Consumer Federation of America, Financial Planning Association, Fund Democracy, Investment Adviser Association, National Association of Personal Financial Advisors and the National Association of State Securities Administrators.  The letter expresses concerns that the SEC’s March Request For Information signals that the SEC may be backing away from requiring a fiduciary standard for broker-dealers that is “no less stringent” than the one under which registered investment advisers currently operate, as mandated by Dodd-Frank.

Read the news release

Read the letter (PDF, 102KB)

 

Financial Planning Coalition

CFP Board, the Financial Planning Association®, and the National Association of Personal Financial Advisors are working together as the Financial Planning Coalition to pursue consumer protection and industry reform.

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