WASHINGTON BUREAU — The Consumer Federation of America (CFA) says opponents of a uniform fiduciary standard have provided no evidence that a uniform standard would increase the cost of investment services.
Barbara Roper, director of investor protection at the CFA, Washington, is urging members of the House Financial Services Committee to let the U.S. Securities and Exchange Commission (SEC) proceed with making a rule that would apply a fiduciary standard on brokers as well as financial advisors.
"The SEC has proposed a way to move forward on fiduciary duty that maximizes investor protections while minimizing industry disruption," Roper says in a letter sent to members of the committee.
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