Massachusetts regulator blasts SEC's Piwowar over fiduciary rule

William Galvin reiterates support for fiduciary standard in letter to DOL

Jul 28, 2017 @ 1:50 pm

By InvestmentNews

Citing the "horrific financial abuses associated with conflicted advice in the area of retirement rollovers" in a letter to the Department of Labor, Massachusetts' securities regulator William Galvin criticized recent comments by SEC Commissioner Michael Piwowar and reiterated his support for the DOL's fiduciary rule.

"Retirees have been fodder for unscrupulous brokers for years upon leaving their place of employment and rolling-over their retirement assets," wrote Secretary of the Commonwealth William F. Galvin, adding "I am therefore dismayed that a sitting SEC Commissioner would so forcefully join with industry to attack the rule. Business groups looking to capitalize on Piwowar's comments are already using them to their advantage."

In a recent letter to the Department of Labor, Commissioner Piwowar detailed his opposition to the fiduciary rule, which requires that providers of retirement financial advice act in the best interest of the client. The commissioner has advocated for disclosure as a solution to the problem of conflicted investment advice.


What do you think?

View comments

Recommended for you

Featured video


3 P's of expanding your practice

What can an adviser do to take their practice to the next level? BMO's Ben Jones has some idea to help your practice soar.

Latest news & opinion

Raymond James executives call on industry to keep broker protocol

Also ask firms to pay for the administration of the protocol to 'ensure its longevity and relevance.'

Senate committee approves tax plan but full passage not assured

Several Republican senators expressed reservations about the bill, and the GOP cannot afford too many defections.

House passes tax bill, focus turns to Senate

Tax reform legislation expected to have more of a challenge in upper chamber.

SEC enforcement of advisers drops in Trump era

The agency pursued 82 cases against advisers and firms in fiscal year 2017, down from 98 the previous year.

PIABA accuses Finra of conflicts of interest

Public Investors Arbitration Bar Association report slams self-regulator over its picks for board of governors.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print