SIFMA continues push for new, federal fiduciary standard

10/6/2009 | Politico (Washington, D.C.)

Lawmakers, industry groups and other market participants are debating a proposal that would "harmonize" fiduciary standards to ensure "broker-dealers and investment advisers will have to put customers' interests first." SIFMA thinks the change is needed because there "is no federal standard" that establishes a code of conduct for investment advisers, spokesman Andrew DeSouza said. "The status quo doesn't provide sufficient investor protections," DeSouza said. The National Association of Personal Financial Advisors said the proposal would water down the existing standard.

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