Filed Under:Annuities, Fixed Indexed

SEC objects to new fiduciary barriers

Legislation being considered now

SEC Chairman Mary Jo White (AP Photo/Carolyn Kaster)
SEC Chairman Mary Jo White (AP Photo/Carolyn Kaster)

Legislation the House Financial Services Committee is considering today “would make it difficult” for the agency to craft a rule imposing a uniform fiduciary standard it has been considering for several years, the chairman of the SEC said in a letter to the committee sent last night.

The bill is H.R. 2374. It is sponsored by Rep. Ann Wagner, R-Mo., and strongly supported by insurance and financial advisors, who contend that the existing standards are appropriate for insurance agents who sell only a limited number of investment products.

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Nichole Morford

Nichole Morford
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