FSI Responds to SEC’s Vote on Regulation Best Interest

June 5, 2019

Today, the Securities and Exchange Commission (SEC) approved the final version of its Regulation Best Interest. Below is a comment from Financial Services Institute (FSI) President & CEO Dale Brown:

“Today, the SEC took an important step to improve investor protection by finalizing Regulation Best Interest. This is something we have advocated for before Dodd-Frank became law. The SEC is the correct agency to develop and implement this standard and, while we have yet to fully review the final rule, what we heard during the hearing gives us hope that it will protect investors while also preserving investor choice and access to professional advice. Now that we have a final rule from the SEC, we strongly urge the states to refrain from creating and implementing their own best interest standards, in order to avoid creating conflicting rules and further complicating regulatory requirements.”

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.