WASHINGTON—Although some of the “most profound” proposals in regulatory reform made during the wake of the economic collapse are now not likely to happen, Richard Ketchum, chairman and CEO of the Financial Industry Regulatory Authority said Thursday that the financial services industry still has a responsibility to act aggressively at detecting fraud before it’s cleaning up the mess at the end.

Delivering the keynote address at the Insured Retirement Institute’s Government, Regulatory & Compliance Conference here, Ketchum also continued his call for a universal fiduciary standard among advisers and broker/dealers. He said FINRA will emphasis a stronger risk-based exam program, while adding that there should be a minimum standard that makes certain salespersons are tested and qualified across all financial services products.

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