By Mark Schoeff Jr.
Originally published on InvestmentNews
Legislation introduced this week by Maryland state lawmakers would raise investment advice standards for brokers and insurance representatives — marking an expansion of coverage compared to a Securities and Exchange Commission proposal.
The Financial Consumer Protection Act of 2019, introduced in the Maryland Senate on Monday and recently posted online, contains a short provision that would make brokers and insurance agents fiduciaries and would require them to act in the best interests of their customers “without regard to” their own financial gain.
“Insurance producers have a significant impact on the marketplace and they are important to a lot of ordinary investors and consumers,” said Knut Rostad, president of the Institute for the Fiduciary Standard. “It’s good that they are brought in under this legislation.”
Read the full article on InvestmentNews.