CFP Board Calls on Congress to Require Broker-Dealers to Meet Fiduciary Standard for Investment Advisers

On June 14, 2010, CFP Board joined with consumer advocates, regulators and industry organizations, as well as U.S. Senators Daniel Akaka and Robert Menendez, to call on the U.S. Congress to require broker-dealers to meet the same fiduciary standard as investment advisers. This would provide critical protections to Main Street investors. In a letter to the conferees, the group stated: "Financial regulatory reform presents an historic opportunity to improve investor protection for Americans and restore confidence in the market. Requiring all financial professionals to act in the best interests of their customers when they provide investment advice is the single most important protection needed by the average Main Street investors." The group urged the House and Senate conferees to adopt the House-passed legislation that extends the fiduciary standard of care to all financial professionals who give investment advice.

Read the letter to the conferees (PDF, 85KB)