Consumers depend increasingly on financial planners and may be unsure about when a professional is required to act in their best interest. Yet there is no need to design a special regulatory body for the profession right now, based on available information, the Government Accountability Office said in a report released on Tuesday.

The extent of problems related to financial planners is not fully known, the GAO said. The Securities and Exchange Commission, which oversees financial planners under applicable rules for registered investment advisors, does not track data on complaints, examination results, and enforcement activities associated with financial planners specifically. Further, federal and state agencies have regulations on marketing and the use of titles and designations that also can apply to financial planners, according to the report.

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