Calls for greater oversight of the investment advisory profession continued last week, with key congressional leaders pushing the industry to come up with changes designed to prevent future fraud schemes similar to that of the Madoff case.

Christopher Dodd (D-Conn.), chairman of the Senate Committee on Banking, Housing and Urban Affairs, said he would ask the Securities and Exchange Commission and FINRA for updates every three months on the steps it intends to take to prevent similar schemes in the future.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.