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 chief executive officer 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 cleans up the mess at the end.

Delivering the keynote address at the Insured Retirement Institute’s Government, Regulatory & Compliance Conference in Washington, D.C., Ketchum continued his call for a universal fiduciary standard among advisors and broker-dealers.

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