Securities and Exchange Commissioner Michael Piwowar has expressed doubts about the need to expand the “standard of care” fiduciary obligation to retail brokers.
“It is not clear that changes in the regulations applicable to broker-dealers and investment advisers are necessary, including the adoption of a uniform fiduciary duty,” the Republican commissioner said in an address last week to the National Association of Plan Advisors.
Comments by Piwowar’s fellow commissioners suggest that a vote on expanding the fiduciary standard could be split between two Democrat commissioners in favor of moving ahead and two Republican commissioners leaning against it. SEC Chairman Mary Jo White, who is the fifth commissioner on the panel, said one of her priorities this year is to bring the panel to a decision on whether to proceed.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
