Members of the Financial Planning Coalition are again calling for legislation giving the SEC the authority to collect fees from RIAs to fund practice examinations, rejecting calls from key Republican lawmakers who are asking the commission to find an alternative path to increase oversight.

The FPC – composed of the CFP Board, FPA and NAPFA -- last week took issue with a letter that Reps. Jeb Hensarling (R-Texas) and Scott Garrett (R-N.J.) sent to SEC Chairman Mary Jo White, urging her to reallocate existing resources within the commission to increase the rate of advisor exams, and to consider enlisting a third party to conduct its own reviews of RIAs.

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