Trade groups say they support the idea of the Consumer Financial Protection Bureau, but the agency has no real jurisdiction over insurers or agents.
By Arthur D. Postal|August 23, 2012 at 07:00 AM
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Several insurance trade groups are making clear to the new federal Consumer Financial Protection Bureau that while the insurance industry supports the agency’s moves to stop exploitation of seniors during the sale of financial products, the agency has no jurisdiction over insurers or agents.
The industry’s views were contained in comments sent to the agency in response to a request for comment on whether the agency should act to regulate the use of financial advisor certifications and designations regarding the sale of investment products to seniors.
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