SEC to set a fiduciary rule as part
of 2016 agenda
The seCUri Ties aNd exChaNge CommissioN will codify a
proposed uniform fiduciary standard by the fall of 2016, according
to the agency’s agenda for the next year, published with the office of
management and budget.
it is one of more than 30 rules officially designated as being in the
“proposed” stage, according to documents published by the omb.
in recent testimony before the Committee on financial services
in the U.s. house of representatives, seC Chair mary Jo White
informed lawmakers that the agency would “catalyze consideration” of
a uniform fiduciary duty for investment advisers and broker-dealers.
The period of proposed rulemaking will produce just that — a
proposal. any proposal that emerges by october 2016 will have to
then go through a final rule stage before the four appointed seC
commissioners and Chair White vote it on.
Underscoring what she has previously said publicly, Chair White
told lawmakers in her Congressional testimony that she backs the
issuance of a uniform standard.
“The differences in the standards that apply
to advice under the federal securities laws
has led me to conclude that broker-dealers
and investment advisers should be
subject to a uniform fiduciary standard
of conduct when providing personalized
investment advice about securities to
retail investors,” she testified.
SOURCE: NICK THORNTON, BENEFITSPRO.COM
Student debt delaying retirement
so ho W mUCh is s TUdeNT deb T Cos TiNg milleNNials?
according to a recent report, the class of 2015 won’t be able to afford
to retire till they’re 75 — and that carrying an average load of $35,051
in student loan debt and taking 10 years to pay it off will make them
$684,474 poorer in retirement savings over 50 years.