NAIFA Applauds Senate on Objective Approach to Fiduciary
Contact:
Sheila Owens
Vice President, Communications & Marketing
703-770-8112
FALLS CHURCH, VA (May 21, 2010) — The National Association of Insurance and Financial Advisors’ (NAIFA) President Thomas D. Currey, CLU, ChFC, LUTCF, issued this statement after the Senate passed its version of H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009:
“NAIFA supports efforts to ensure that consumers are fully protected in the financial services marketplace, and applauds the Senate for its objective approach to address the issue of a harmonized fiduciary standard in its version of H.R. 4173. The Senate language requires the SEC to write rules to address gaps in investor protections following the completion of a thorough analysis of how the regulations now governing broker-dealers and investment advisers are applied and enforced.
“The assessment called for in the Senate bill has never been done and it would result in a fact-based approach to address real problems rather than by adopting a ‘one-size fits all’ amorphous fiduciary standard—the need for which is unsupported by any factual findings. NAIFA believes the best way to protect consumers from bad actors is through strong and effective supervision within financial services firms, and regular, periodic inspections by the SEC and other regulatory bodies.”
About NAIFA: NAIFA comprises more than 700 state and local associations representing the interests of approximately 200,000 agents and their associates nationwide. NAIFA members focus their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. The Association’s mission is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members.
NAIFA, 2901 Telestar Court, Falls Church, VA 22042-1205 | 877-866-2432 |