Legislation to introduce a fiduciary duty for financial advisers – akin to Australia’s FOFA best interests requirement – has been stalled in the US House of Representatives.
254 representatives voted for a motion to sidetrack the Bill, while 166 voted against it, with Republican members leading the charge against the Securities and Exchange Commission (SEC), Department of Labor and Democratic Caucus led Bill, US political website The Press Enterprise has reported.
The proposal was an offshoot of the Dodd-Frank reforms spearheaded by the Obama administration following the global financial crisis.
The corporate regulator said it is “considering what options” it has to hold super trustees, such as Macquarie and ...
In what Wealth Data has described as a “bloodbath”, adviser losses for the end of June have come in 143 per cent higher ...
The high-net-worth advice firm has announced that it has promoted financial adviser and former professional cricketer ...
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