{"id":1610,"date":"2015-03-13T14:45:35","date_gmt":"2015-03-13T14:45:35","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/03\/consumer_groups_accuse_sec_of"},"modified":"2015-03-13T14:45:35","modified_gmt":"2015-03-13T14:45:35","slug":"consumer-groups-accuse-sec-of","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/consumer-groups-accuse-sec-of\/","title":{"rendered":"Consumer Groups Accuse SEC of Not Protecting Retail Investors and Poorly Regulating Investment Advisers"},"content":{"rendered":"

\t\t\t\tA letter to the SEC from consumer groups claims that the agency is not meeting its obligation to make sure that retail investors are getting the protections they need. The Consumer Federation of America, Americans for Financial Reform, Fund Democracy, Consumer Action, Public Citizen, and AFL-CIO gave an outline of how they want the regulator to enhance financial adviser regulation, which they believe could be more robust. <\/p>\n

They are calling on the Commission to execute “concrete steps” to up the standards bar for brokers when it comes to giving investment advice. For right now, brokers only have to recommend investments that in general are a fit for the clients’ investment goals and risk tolerance level, even as investment advisers must abide by a fiduciary obligation.<\/p>\n

The letter from the groups also talks about improving financial adviser disclosure in regards to compensation and conflicts, reforming the sharing of revenue, placing limits to mandatory arbitration for disputes between investors and their financial representatives, strengthening regulations for high-risk financial products, and enhancing required disclosures from financial advisers to investors about financial products. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A letter to the SEC from consumer groups claims that the agency is not meeting its obligation to make sure that retail investors are getting the protections they need. The Consumer Federation of America, Americans for Financial Reform, Fund Democracy, Consumer Action, Public Citizen, and AFL-CIO gave an outline of how they want the regulator […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3774,3781,3738],"tags":[],"class_list":["post-1610","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-broker-dealers","category-investment-advisers","category-investor-fraud"],"yoast_head":"\nConsumer Groups Accuse SEC of Not Protecting Retail Investors and Poorly Regulating Investment Advisers — Investor Lawyers Blog — March 13, 2015<\/title>\n<meta name=\"description\" content=\"A letter to the SEC from consumer groups claims that the agency is not meeting its obligation to make sure that retail investors are getting the — March 13, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/consumer-groups-accuse-sec-of\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Consumer Groups Accuse SEC of Not Protecting Retail Investors and Poorly Regulating Investment Advisers — Investor Lawyers Blog — March 13, 2015\" \/>\n<meta name=\"twitter:description\" content=\"A letter to the SEC from consumer groups claims that the agency is not meeting its obligation to make sure that retail investors are getting the — March 13, 2015\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast 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