NU Online News Service, Jan. 25, 1:16 p.m. EST
The Independent Insurance Agents and Brokers of America (IIABA) said it is "unnecessary" to impose a uniform fiduciary standard on the sale of investment products, as the Securities and Exchange Commission recommended in a new study.
The IIABA said it is disappointed with the SEC staff recommendation to apply a new fiduciary standard to broker-dealers. The broker-dealers already adhere to a "rigorous and strictly enforced suitability standard," Charles Symington, IIABA senior vice president of government affairs, said in a statement.
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