Obama Endorses DOL Fiduciary Redraft, Girds for Fight
“If you want to give financial advice, you have to put your clients’ interest first,” Obama said Monday, blasting “backdoor payments” and high fees.
New Hire Roundup: PIMCO Names Fels Managing Director, Adds CIO
Meanwhile, New York Life says it will hire 3,600 reps this year.
Wall Street Finally Blinks in Fiduciary Standoff
The securities industry has done a masterful job of deflecting initiatives to force firms to act in clients' best interest. Is it different this time?
SEC to Conduct ‘IT-Related’ Exams of BDs, Advisors
Examiners will take a targeted look this year at “the quality of the technical infrastructure” of firms’ cybersecurity controls.
Wells Fargo Advisors Names New Compliance Chief
Jim McHale used to head compliance at E*Trade and served as counsel to SIFMA.
Bad Guys ‘Winning’ in Cyberattacks
It’s inevitable that cyber breaches will happen, so prevention alone is not enough, FINRA and SIFMA say.
After Obama Address, Battle Lines Are Drawn in Congress
Industry trade groups and lawmakers were quick to weigh in with praise and criticism of issues raised in President Obama's mid-January State of the Union address, namely cybersecurity, the Dodd-Frank financial reform law, taxes and entitlement reform.
White House Memo Offers a Peek at DOL Fiduciary Strategy
Two top Obama economic advisors write in an internal memo that DOL should tighten broker rules; they share some details from the long-awaited fiduciary redraft.
Time for Broker Crackdown as Abuses Cost Retirement Savers Billions: Obama Aide
A leaked White House memo estimates the cost to 401(k) savers of broker practices like excessive trading and calls for tighter rules.
Obama’s State of the Union Financial Proposals Draw Praise, Criticism
Industry trade groups and lawmakers were quick to weigh in on Obama's plans, or lack thereof, on cybersecurity, Dodd-Frank, taxes and entitlement reform.