Sen. Shelby, NY Comptroller Enter Fiduciary Debate
The Senate Banking chairman says "We'll look at" DOL's fiduciary redraft. Meanwhile, the New York City comptroller pushes for a fiduciary law in the state.
SEC Chief White: Fiduciary Rulemaking Just Getting Started
Any such rule is “still a 'whether' question," SEC chairwoman says, pointing out she is only "one of five votes" on the commission.
Merrill Fined $2.5M Over Unapproved ‘Double Production’ Talks
Three hundred advisors and staff in Boston attended sales presentations that were not pre-approved by compliance.
CFPB’s Independent Funding Nixed in Senate Budget Plan
GOP senator calls CFPB “a rogue agency,” but consumer groups say independent funding shields it from Wall Street pressure.
SEC, FINRA Enforcement: Firm Fined Over Interfund Loans
Meanwhile, FINRA censures and fines Thrivent Investment Management for failing to deliver thousands of trade confirmations of mutual fund transactions.
BNY Mellon to Pay $714M for Bilking Forex Customers
Bank of New York Mellon will repay $84 million to customers it admitted to defrauding through its "standing instruction" foreign exchange trading program.
LPL Financial Promotes Compliance Chief to Managing Director
Sharyn Handlesman has been with the indie BD, which had regulatory charges of $36 million last year, since 2010.
TD Ameritrade’s Schweiss Named Fiduciary of the Year
Past winners include David Tittsworth, W. Scott Simon, Ron Rhoades and Eugene Maloney.
Northwestern Mutual to Settle Annuities Suit for $84M
The class-action lawsuit was triggered by a change it made in 1985 in how it calculated dividends for a fixed-income annuity.
Fiduciary Standard Should Be Based on How Brokerage Industry Works
A reader says all fees, transaction costs and loads should be transparent and "comparison-shopped for by a broker 'advising' any client." Therein lies the rub.