The true cop on the beat has been sent home for the night, says MitchellTuchman. That’s what we just got from the SEC:
“Self-regulation” is the worst kind of oxymoron. Letting the energy industry write pollution laws and food producers write sanitary rules is just nonsense.The technical term for this problem is regulatory capture, a fancy way of saying the true cop on the beat has been sent home for the night. That’s what we just got from the U.S. Securities and Exchange Commission , the supposed regulator of Wall Street, on financial adviser behavior.
The Labor Department was perfectly suited to the job. After all, this is the agency that enforces the Employee Retirement Income Security Act of 1974, known as ERISA, along with the U.S. Treasury and the Pension Benefit Guaranty Corporation. Toxic conflicts The result is something called “Regulation Best Interest” or Reg BI.
The financial advice industry has a huge credibility problem, and it just snookered the American public by capturing the SEC and making up rules that seem tough but change nothing about how many financial advisers make money. — Barbara Roper June 7, 2019 The Certified Financial Planner Board of Standards is up in arms about the SEC announcement. You wouldn’t know it from their statement on the matter, but they’re just being polite, in my view:
“Professional standards-setting organizations, such as CFP Board, exist in part to set standards that go beyond those required by the law for the benefit of the public and the profession. Those who comply with CFP Board’s Code and Standards will not be in violation of Regulation BI, or any other existing laws and regulations, by doing so. The new Code and Standards complement, rather than conflict, with the law.
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