FINRA urges brokers to adopt code similar to fiduciary standard

A Financial Industry Regulatory Authority report calls on brokers to adopt a code of conduct that comes close to a fiduciary standard imposed on investment advisers. The report says firms should set a "tone from the top" that ensures clients' "best interests" are served, compensation isn't based on investments recommended by brokers and advice doesn't favor proprietary products. "The word 'fiduciary' jumps out on every page, even though it isn't mentioned," said Duane Thompson, senior policy analyst at consultancy Fi360.

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