Fully staffed SEC could fast-track best interest regulation
Financial PlanningSeptember 24, 2018
"I think it makes a huge difference by bringing on a new commissioner," says Duane Thompson, senior policy analyst at fi360, a fiduciary training firm and consultancy. "Because you could have easily had ... a potential deadlock on a major rule like Regulation Best Interest."
Reg BI would require brokers to consistently make recommendations and provide advice that serves their clients' interests, and sets new guidelines for mitigating and disclosing conflicts. The Form CRS would require firms to make upfront disclosures of key assets of the advisory relationship, such as fees, compensation and potential conflicts of interest.
