FSI Responds to Publication of New Jersey’s Fiduciary Rule Proposal
WASHINGTON, D.C. – Today the New Jersey Bureau of Securities published its proposed fiduciary rule. Below is a comment from FSI Executive Vice President & General Counsel David Bellaire regarding the proposal:
“While we are still in the process of thoroughly analyzing the proposal, we remain firm in our stance that states should refrain from issuing their own fiduciary duty rules. FSI has long supported a federal uniform standard of care for all investment advice, and we believe the SEC is the appropriate authority to develop such a standard. State-specific standards will lead to a patchwork of varying requirements across the country, confusing investors and creating uncertainty for advisors who are trying to best serve their clients while also obeying state and federal regulations. These varying standards would also drive up compliance costs for financial advisors, ultimately limiting services or increasing costs for Main Street investors. We strongly encourage New Jersey to wait for the SEC to finalize Regulation Best Interest.”
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.