Today, the Massachusetts Securities Division is holding a hearing on its proposed fiduciary standard for those providing financial advice or recommendations. Financial Services Institute (FSI) President & CEO Dale Brown provided testimony during the hearing outlining our opposition to the proposal.
Dale’s testimony highlights the following concerns:
- The proposal will reduce investor choice, raise the cost of investing and deprive Main Street Americans access to a financial advisor;
- The proposal conflicts with the congressional intent expressed in the Investment Advisers Act of 1940, the position of the SEC and the Massachusetts Uniform Securities Act; and
- The proposal is preempted by the National Securities Markets Improvement Act (NSMIA) and other legal statutes.
FSI also submitted a comment letter this morning to the Massachusetts Securities Division regarding its fiduciary rule proposal. Click here for FSI’s comment letter.
FSI Statement on 2020 Election Results
WASHINGTON, D.C. – Today, Financial Services Institute (FSI) President & CEO Dale Brown released the following statement in response to the outcome of …Read More
FSI Statement on Introduction of Bipartisan Retirement Security Bill
Proposed legislation expands upon the SECURE Act Today, the House Ways & Means Committee released the Securing a Strong Retirement Act …Read More
FSI Names Inaugural Recipients of Congressional Champion for Main Street Award
Four lawmakers recognized for dedication to preserving Americans’ access to affordable, professional financial advice Today, the Financial Services Institute (FSI) …Read More