Further testing of Fee-only IAs CRS forms reveal that fiduciary status is frequently omitted
Labaton Sucharow’s second annual 2013 survey of the U.S. financial sector emphasizes the need for transparency, fairness, and accountability.
Testing reveals CRS forms of Large BDs obscure or omit key facts on core roles/purposes of broker-dealers. Large fee-only RIAs downplay fiduciary status, 5 of 12 omit mentioning their highest legal standard
Since the 2008 SEC RAND Report, “investor confusion” has been the central story. The Institute argues that bad language, instead, is to blame.
Major repairs to Reg BI, Form CRS and Adviser Act guidance are proposed to affirm broker and adviser differences and to level with investors
The Institute submitted a comment letter to the Iowa Insurance Division on its proposed rulemaking in light of SEC’s Reg BI.