SEC Commissioner Daniel Gallagher. Photo: AP

The debate over whether the Securities and Exchange Commission should write a rule to put brokers under a fiduciary mandate is “not fair right now” because of a mismatch in exam data between brokers and advisors, SEC Commissioner Daniel Gallagher said this week.

The debate over whether the agency should use its authority under Section 913 of the Dodd-Frank Act to write a uniform fiduciary rule for brokers and advisors “has been colored by a view of brokers that’s decidedly negative,” Gallagher said in an interview with ThinkAdvisor, a sister website. “If you talk to many of the consumer advocates and others, they will cite to you all of the transgressions of the brokers.”

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