Fiduciary duty for brokers might be dropped from bill, groups say

State securities regulators and consumer groups said the Senate banking committee is considering dropping from reform legislation a requirement that brokers who provide investment advice be held to the same fiduciary standard as registered investment advisers. "The chairman has repeatedly said she favors a strong fiduciary duty standard for both broker-dealers and investment advisers, and that the standard should be at least as strong as the fiduciary standard under the Investment Advisers Act," an SEC spokesman said of agency Chairman Mary Schapiro's position.

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