More On Legal & Compliancefrom The Advisor's Professional Library
- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
- Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm. States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.
Roy Woodall, nominated for the only voting seat of three on the Financial Stability Oversight Council (FSOC) devoted to insurance experts, was confirmed Tuesday in the Senate. The body used a unanimous consent process that allowed confirmation of a number of other candidates as well to appointments on various boards, committees and courts.
NU Online News Service reported that Woodall’s nomination had previously been endorsed by the Senate Banking, Housing and Urban Affairs Committee on Sept. 8. There are three positions on the FSOC for insurance representatives; Woodall’s is the only one with the ability to vote. The other two members are Missouri Insurance Director John Huff, representing the National Association of Insurance Commissioners, Kansas City, Mo., and Michael McRaith, director of the new Federal Insurance Office.
Woodall is a former Kentucky insurance commissioner. He is also a former president of the National Association of Life Companies, has worked at the Treasury Department in both the George W. Bush and Obama administrations as an expert on insurance-related issues and served as chief counsel for state relations at the American Council of Life Insurers, Washington.
The FSOC, created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is supposed to help federal financial services regulators monitor trends, events and companies that could threaten the stability of the U.S. financial system.