State Street to Pay $382M Over Hidden Markups in Foreign Currency Trades
State Street set prices driven by predetermined markups and made no effort to obtain the best prices for clients, regulators say.
Retirement Outlook Improves 'Somewhat' as Workers Embrace Auto-Features: Survey
Retirement savers are more optimistic about how much they’ve saved, but inertia and competing demands keep them from saving more, a J.P. Morgan survey says.
Senate Shakeup Likely as Congress Up for Grabs
Some powerful committee seats could change hands after the election, analysts say. Meanwhile, there's still a budget to pass under voters' watchful, election-season eye.
SEC Launches Exam Sweep of RIAs’, Broker-Dealers’ Share Class Picks
The sweep will identify conflicts of interest in recommendations for mutual fund and 529 plan share classes with “substantial loads or distribution fees.”
Justice Dept. Tallies Cost to IRA Investors of No DOL Fiduciary Rule
Lawsuits against the DOL's rule moved forward, but the DOJ defended it in a separate court.
Your Clients: Less Financially Literate Than You Think
Lack of financial literacy is “not limited to lower income, lower education [consumers]. It is quite pervasive across all income ranges.”
Social Security Bill Would Raise Retirement Age, Slow COLAs
The Save Our Social Security Act employs a combination of revenues, benefit adjustments and raising the retirement age while preserving early retirement.
Wirehouse ETF Use to Rise 3% Over Next 2 Years: Cerulli
Meanwhile, Morningstar reports that flows into gold ETFs propped up commodities in June.
DOL Overstepped Its Authority With Fiduciary Rule, US Chamber Tells Judge
In motion for summary judgment, the U.S. Chamber of Commerce says DOL has no authority to regulate IRAs; an investor attorneys' group begs to differ.
Prudential Annuities Failed to Stop $1.3M Theft From Elderly Client
Prudential failed to adequately respond to red flags that "allowed an unscrupulous actor to prey on an elderly customer," said FINRA enforcement chief Bennett.