As financial professionals grapple with a new regulatory mandate for the suitability of investment advice, a leading industry advocacy group is continuing its opposition to two key provisions of the new rules from the Financial Industry Regulatory Authority (FINRA) that took effect Monday.
The Financial Services Institute (FSI), which represents broker-dealers and advisers who will be affected by the new rule, is warning that the expansion of the suitability standard to include investment strategies and hold recommendations creates new uncertainties and potentially burdensome compliance obligations.
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