SEC should impose fiduciary duty on brokers, advisory committee says

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

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