Fiduciary-standard supporters are disappointed by Collins amendment

05/17/2010 | InvestmentNews (free registration)

Proponents of including a fiduciary standard in the financial-overhaul bill were disappointed in an amendment proposed by Sen. Susan Collins, R-Maine, which they say doesn't go far enough. The amendment would exempt those who only sell mutual funds and variable annuities. "You have undoubtedly heard from some insurance and brokerage groups that this common-sense investor reform will drive them out of business and deny investors access to important insurance and securities products, the Financial Planning Coalition wrote in a letter to the Senate. "Based on our experience, these statements are simply not true."

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