WASHINGTON BUREAU — The Consumer Federation of America (CFA) is urging members to tell the U.S. Securities and Exchange Commission (SEC) to impose tougher investment product sales rules.
Barbara Roper, director of investor protection at the CFA, Washington, says supporters of stronger investor protections need to stand up against insurance agents and others who oppose the creation of new standards.
The SEC has opened a 30-day comment period on the standard of care that should apply to sales of investment protects to consumers. The comment period ends Aug. 30.
Section 913 of the new Dodd-Frank Wall Street Reform and Consumer Protection Act requires the SEC to publish a study on the issue in 6 months.