WASHINGTON BUREAU — Republicans on the House Financial Services Committee teamed with insurance agent groups Tuesday to attack U.S. Securities and Exchange Commission (SEC) efforts to apply a uniform fiduciary standard to investment product sales.
The committee's Capital Markets and Government-Sponsored Enterprises Subcommittee of the House Financial Services Committee organized a hearing to review proposals for changes in investment advisor oversight rules, including uniform fiduciary standard proposals.
Terry Headley, president of the National Association of Insurance Financial Advisors (NAIFA), Falls Church, Va., testified that SEC moves to apply a fiduciary duty to broker-dealers would reduce product access and product choice.
"This concern is borne out by data we have collected over the past year," Headley said.
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