US House of Reps votes down best interests Bill

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. 

Advertisement
Advertisement
US House of Reps votes down best interests Bill
default
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.