Data breaches make a serious dent in the credibility and trustworthiness of businesses and firms, even large ones like Capital One. So, what can firms in the financial services world do better to protect their businesses and their clients’ personal information? It starts with understanding what’s at stake.
Despite the demand for socially responsible investing, many firms and advisors have yet to adopt the approach, dismissing it as a “fad.”
Industry executives are stepping up lobbying efforts to persuade Senate Majority Leader Mitch McConnell, R-Ky., and Senate Minority Leader Chuck Schumer, D-N.Y., to take action on the Setting Every Community Up for Retirement Enhancement (SECURE) Act.
H.H. Holmes was an American serial killer known for a slew of murders committed during the 1893 World’s Fair in Chicago. But it was Holmes’ later attempt to defraud Fidelity Mutual Insurance Company that doomed him to a trip to the gallows.
During a fireside chat, Fisher, founder and chairman of Fisher Investments, made what some attendees called “absolutely horrifying” comments during his session with summit attendees. Some say the growing diversity in financial services is the reason such talk is being rejected; others say there is much work to do.
The Securities and Exchange Commission was accused of failing its mission as “Wall Street’s cop” in the first appearance of the full SEC board in Congress since 2007.
No more are actively managed funds the kings of Wall Street. Index funds usurped actively managed funds for the first time this week, confirming a major shift in the way people invest. As of Aug. 31, index funds held $4.27 trillion in assets, compared to $4.25 trillion currently in active funds, Morningstar research found.
Plaintiffs claim that the SEC failed to act on a 2010 Dodd-Frank directive that required it to write rules establishing a fiduciary standard for broker-dealers to replace the suitability standard. The states argue that “Overall, the Final Rule’s best interest obligations fall short of the standard of conduct contemplated by (the) Dodd-Frank Act.”
It was supposed to be an all-in, surefire thing back in May when the Setting Every Community Up For Retirement Enhancement Act passed the House of Representatives in an overwhelming 417-3 vote of support. Proponents of the bill had hoped for a quick passage in the Senate, but two months later, the proposed retirement legislation seems destined to hang in limbo for the remainder of the summer due to a Republican hold on the bill in the Senate and the budget agreement closing off additional measures.
The new law of the land is layered and its potential impacts, numerous. The fiduciary governance experts over at Stradley Ronon Stevens & Young said firms and advisors need to be well-informed and proactive to make sure they’re Reg BI-ready come next year.
By a 227-200 vote, the U.S. House of Representatives today approved a package of amendments to HR 3351, the Financial Services and General Government Appropriations Act, that includes a provision to prohibit the U.S. Securities and Exchange Commission from implementing or enforcing Regulation Best Interest.
Rep. Maxine Waters is pushing an amendment to block funding that the Securities and Exchange Commission needs to implement its newly enacted Regulation Best Interest rule. The House Rules Committee last night accepted the amendment for House floor consideration.
Just one year after the Department of Labor fiduciary rule was vacated, the financial services industry is again reeling and rejoicing (depending on where you are in the industry) after the Securities and Exchange Commission’s approval of Regulation Best Interest and its subsequent rulings.
The three-fold rulemaking package, which debuted last April went up for a vote this morning as Chairman Jay Clayton and Commissioners Elad Roisman, Robert Jackson, Jr. and Hester Peirce gave their final thoughts on the matter before the vote.
The Securities and Exchange Commission is voting tomorrow on a three-part rulemaking package containing regulation best interest.
After a contentious comment period and a listening tour, the commissioners have set June 5 to vote on its Regulation Best Interest rule.
At the Insured Retirement Institute’s Action19 conference, a panel of experts shared how new technology solutions and best interest duties are expanding and changing the fee-based space.
Being a congressman can feel a little like “speed dating,” one former representative said.
The rising cost of living and cost of education has changed the financial landscape for millennials. But there’s more for advisors to understand when it comes to millennials and financial fragility.
March is Women’s History Month. As such, it’s the perfect time to celebrate the historic women who paved the way for all of the women currently working in the financial services industry by acknowledging the triumphs and obstacles they faced and sharing their stories.
The United States House of Representatives Committee on Financial Services and the House Subcommittee on Investor Protection, Entrepreneurship and Capital Markets held a hearing Thursday morning examining the Securities and Exchange Commissions proposed Regulation Best Interest rule.
Despite much speculation from various industry sources saying that the SEC could have a final Regulation Best Interest rule as early as the first quarter, no one knows when in 2019 to expect the final ruling. The government shutdown has likely put work behind schedule and little is getting done, analysts say.
There’s been no shortage of financial news in 2018. From the SEC’s Regulation Best Interest to the ups and downs of the stock market, here are the best AdvisorNews articles of 2018.
While the SEC revises its rule-making package containing regulation best interest, Form CRS and title reform, several states are taking matters into their own hands, establishing a fiduciary standard in the hopes of better-protecting investors.
“We want your views,” SEC Chairman Jay Clayton says of the SEC’s cross-country roundtable tour to hear from investors.
