Uniform Fiduciary Standard Still A Question Mark

Published Wednesday, February 17, 2010

Whether a uniform fiduciary standard will be applied to all financial advisors is, once again, a big question mark. Senator Tim Johnson (R- S.D.), incoming Senate Banking Committee Chair, began floating an amendment last week that would eliminate from Senate regulatory reform legislation the application of a fiduciary standard to investment advice provided by brokers. Instead, Johnson’s amendment calls for an 18-month SEC study on the fiduciary issue. Consumer advocates say the call for another study is simply a delaying tactic, or perhaps a negotiating tool, that will make the House of Representatives ...

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