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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.