Groups disagree on "hat-switching" fiduciary standards

12/20/2009 | InvestmentNews (free registration)

The sweeping bill on financial regulatory reform in the U.S. includes a one-sentence provision regarding fiduciary standards that has financial-services groups at odds. Under the legislation, the Securities and Exchange Commission would be required to establish a fiduciary standard for brokers who provide investment advice that is in line with the standard for investment advisers. However, brokers would be held to the standard only when offering advice, not when they carry out that advice.

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