Compliance

Financial Planning Coalition Calls On New SEC Chair To Focus On Fiduciary, Increase Oversight Of Investment Advisers

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80% of American investors do not believe the federal government is doing enough to protect “consumers from being taken advantage of” by financial advisers, and 84 percent investors agree that financial advisers should be regulated by the federal government to protect investors and build confidence in financial services, according to a survey from the Financial Planning Coalition.

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Accused By State Securities Regulators Of Falesly Advertising He Acted As A Fiduciary, Illinois Advisor Says He’s Done Nothing Wrong

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In a case that could have wide repercussions for financial advisors and consumers, the State of Illinois last week filed civil charges against a financial advisor that essentially alleges he advertised on his website that he was a fiduciary when he was really just trying to sell annuities. The advisor says the government has it all wrong. “I categorically deny all of their allegations as deceitful half- truths,” says Richard Van Dyke, Jr. “The charges were instigated by a regulator at the Department of Securities that has been spearheading this unfairly. He’s taken obse

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News Analysis: The Real Story Behind The SEC Warning That It Has Found “Widespread” Violations By RIAs Of The Custody Rule

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The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations today warned RIAs that it is finding “widespread” non-compliance with the custody rule under the Investment Advisers Act of 1940. But the real story is that the SEC is flexing its muscle and enforcing the custody rule because it never paid much attnetion to this issue before.

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SEC Wants Data And Comments About Harmonization Of The Rules Governing The Way RIAs Deliver Advice Versus Broker-Dealers

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The SEC s asking for hard data and other information from about the benefits and costs of the current standards of conduct for broker-dealers and investment advisers when providing advice to retail customers, as well as alternative approaches.

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SEC Staff Says It Will Make Conflicts Of Interest Of Dually-Registered RIAs An Areas Of Focus Of RIA Examinations In 2013

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  The Securities and Exchange Commission is focusing inspections of RIAs on conflicts of interest that rise from being dually registered with a broker-dealer as well as an RIA. The agency says its staff is also focusing on undisclosed fee arrangements between advisors and mutual funds and custody rules.

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