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Analyst: SEC Poised to Take Regulatory Torch from DOL
InsuranceNewsNet; January 17, 2018
A Securities and Exchange Commission (SEC) best-interest fiduciary standard for all brokerage accounts is good news for investors, in the view of one Wall Street analyst.
The SEC will likely issue its own fiduciary rule proposal in the next few months after the two newest SEC commissioners were sworn in last week, according to news reports. The good news comes if and when the SEC eclipses the Department of Labor as the lead agency on a best-interest standard, wrote Morgan Stanley analyst Nigel Dally, in a client update.
“As the SEC covers a broader range of products than the Department of Labor, who only governs retirement accounts, we heard concern from some investors that these new standards could emerge as a concern,” Dally wrote. “Our view is somewhat different,” he added. “We view this as a sign that the DOL is passing the regulatory baton to the SEC with respect to individual retirement accounts.”
“The industry has long sought standardized rules among various regulatory bodies – SEC, DOL and FINRA – and this, in our view, suggest this may indeed be happening,” he wrote. “While it is too early to say for sure, we viewed the news positively.”
Fi360 Expands Fiduciary Essentials Training Program for Financial Professionals
January 17, 2018 09:30 AM EST
PITTSBURGH -- (BUSINESS WIRE) -- Fi360, the nation’s leading provider of fiduciary-related education and technology, has added new modules to its Fiduciary Essentials for Advisors (FEA) training program to help financial professionals successfully operate in the ever-changing regulatory and market landscape. The program was originally launched in September 2016 to provide baseline fiduciary education and training in response to unprecedented market demand and has now expanded to address additional needs highlighted by existing enterprise clients. With more than 35,000 financial professionals trained already, the self-paced program offers professional development and educational opportunities, as well as risk and liability mitigation for institutions.
“The regulatory landscape continues to evolve, and while parts of the Department of Labor Fiduciary Rule (DOL Rule) are on hold, the updated fiduciary definition and Impartial Conduct Standards are in effect for retirement accounts. Beyond the regulatory changes, fiduciary has hit the mainstream, creating strong market forces favoring fiduciary advice with wealth accounts, too,” said John Faustino, AIFA®, PPC®, Chief Product and Strategy Officer at Fi360.