Responding to the Consumer Federation of America's letter to Congress calling for the SEC to move forward on a Fiduciary Rule for Brokers, [See CFA asks for proof of fiduciary standard costs] NAIFA President Terry Headley released this statement:
"The Consumer Federation of America's claim that the fiduciary standard of care provides better protection for consumers is a myth. In fact, some members of Congress have written to the SEC to request further economic analysis of the impact a fiduciary standard of care could have on the marketplace.
"The suitability standard is robust and heavily enforced. A suitability standard is rules based, objective and prospective in nature, as opposed to fiduciary, which is process-oriented, subjective and retrospective.
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