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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
24 Nov 2017Increased ASIC licensing fees revealedBy Tim Stewart
24 Nov 2017FPA announces 2017 award winnersBy Staff Reporter
23 Nov 2017Fintech progress can't be fought: FPABy Killian Plastow
24 Nov 2017‘Winter is coming’ for PI insurance marketBy Aleks Vickovich
23 Nov 2017NowInfinity appoints new national sales directorBy Staff Reporter
23 Nov 2017Centrepoint creates new 'high performer' networkBy Jessica Yun
- view all