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S.E.C. adopts new broker rules that advocates say are toothless

Source: Tara Siegel Bernard, N.Y.Times (Paid Registration)

Regulators have new rules for Wall Street brokers providing investment advice: Put the customer first.  But consumer advocates argue that the rules amount to little more than a marketing slogan. The Securities and Exchange Commission voted to pass the so-called Regulation Best Interest.

Consumer advocates' concerns center on how far brokers will ultimately have to go to minimize or eliminate conflicts of interest. Advocates worry that the rule doesn’t actually define what it means to act in a customer’s best interest, and that it doesn’t require brokers to eliminate conflicts, but only disclose them.

Read Full Article: S.E.C. adopts new broker rules that advocates say are toothless

 
 
 

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