The FSI has announced that it supports legislation calling for a self-regulatory organization to help address the ongoing battle over a unified fiduciary standard.
Financial Services Committee chair Spencer Bachus (R-La) introduced the legislation. In a release, the FSI says it hs long called for a unified standard and has endorsed FINRA to act as the SRO for retail investment advisors. FSI's own polling suggests three-quarters of advisors support the idea.
"Hard-working American investors shouldn't have to be regulatory experts to know whether their financial advisor is getting the proper oversight needed to ensure they're protected," said Dale Brown, FSI president and CEO.
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