Mary Jo White to Focus on Fiduciary Issue at SEC

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Mary Jo White to Focus on Fiduciary Issue at SEC

Mar 11, 2013

White also wants to strengthen enforcement so that it’s ‘fair,’ but also ‘bold and unrelenting’

Mary Jo White, President Barack Obama’s pick to be the next chairwoman of the Securities and Exchange Commission, will tell the Senate Banking Committee on Tuesday that regulating the conduct of broker-dealers and investment advisors when giving retail investment advice is “an important” area within the SEC’s jurisdiction, and that she plans to “focus” on the issue during her chairmanship.

White's pledge to focus on the fiduciary issue is timely, as the Financial Planning Coalition released Monday results of a survey it conducted showing that 80% of American investors do not believe the federal government is doing enough to protect “consumers from being taken advantage of” by financial advisors.

The online survey of 1,030 individuals over age 18, conducted by KRC Research on behalf of the Coalition--comprised of the Financial Planning Association, CFP Board and National Association of Personal Financial Advisors--also found that 84% of American investors agree that “financial advisors should be regulated by the federal government to protect investors and build confidence in financial services." Read more >

Melanie Waddell
March 11, 2013

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