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
- 10:58Product design laws could ‘undermine’ FOFABy Tim Stewart
- 20 Aug 2018Carve-outs must be addressed before commissions: AIOFPBy Reporter
- 20 Aug 2018Professional year an opportunity for exiting advisersBy Reporter
- 20 Aug 2018IOOF creates new executive advice roleBy Reporter
- 20 Aug 2018RBA attacks ‘sales’ culture within financial servicesBy Reporter
- 20 Aug 2018Super members ‘readily’ taken advantage of: RCBy Killian Plastow
- view all