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Meeting Will Push SEC for Higher Fiduciary Standards
HR Daily Advisor Link to more items from this source
Aug. 27, 2012

"Twelve well-known U.S. financial services industry figures will meet Sept. 11 with the chairman of the [SEC] to discuss their 'Fiduciary Declaration,' which will urge Congress and the agency to heighten protection for those receiving investment advice. The declaration, to be signed by Paul Volcker, John C. 'Jack' Bogle, Sheila Bair and Arthur Levitt, among others, has not been released. Its sponsor, the nonprofit Institute for the Fiduciary Standard, supports an SEC idea that would widen the definition of 'fiduciary' to anyone providing investment advice to retirement plans. The institute said ... that the declaration 'seeks to urge policymakers and industry participants to faithfully apply and uphold the fiduciary standard for investment advice.'"

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