FINRA's Ketchum: Investment Advisers Need Single Fiduciary Standard

Lora Bentley

Financial Industry Regulatory Authority chief Richard Ketchum has called for a single fiduciary standard to apply to investment advisers. InvestmentNews quotes Ketchum as follows:

A single standard makes sense for persons that are engaged in very similar activities. To the extent a broker-dealer is providing broad-based advice similar to what an investment adviser is doing, we would love to get to a single standard.

Officials have called for investment firms to be brought under a self-regulatory organization (SRO) for a while now, and they suggest that FINRA would be the best SRO to do that since it already oversees broker-dealers. The organization's structure would need to change a little before this could happen, the story says. Investment advisory experts would need to come on board both as board members and in staff positions.


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