Advisory committee says SEC should impose fiduciary duty on brokers

An advisory committee created by the Dodd-Frank Act in 2010 voted to recommend that the Securities and Exchange Commission adopt a rule imposing a fiduciary duty on stock brokers who give advice to retail investors. The SEC's Investor Advisory Committee's proposal would place brokers under the requirement already governing registered investment advisors that their recommendations on investments place the client's interests ahead of their own.

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Reuters · InvestmentNews (free registration) · Financial-Planning.com

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