Court Case Helps Stall SEC Move to Increase Fiduciary Standard for Stockbrokers
Court Case Helps Stall SEC Move to Increase Fiduciary Standard for Stockbrokers The push to make stockbrokers adhere to same fiduciary standard as financial advisers has been held up by court and broker challenges. Consumer advocates wanting to hold stockbrokers to the same client-first standard of care as investment advisers appeared to be successful last summer after a study by the Securities and Exchange Commission called for new rules along those lines. Stockbrokers, however, objected, saying providing advice was just one part of their business model and that they shouldn’t have the same degree of accountability for the client’s best interest in...
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