A close analysis of broker-dealer lobbying group SIFMA's new "best interests" standard reveals highly disturbing aspects of the proposal that would, in essence, negate important consumer protections.
SIFMA recently unveiled a proposed best interests of the customer standard for adoption as amendments to FINRAs rules. The proposed new standard would take the place of the contemplated fiduciary standards that have been recently proposed by the Labor Department and that remain under consideration by the SEC (as authorized by the Dodd-Frank Act).
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