Results for "fiduciary"

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SunTrust Banks, 401(k) participants settle fiduciary-breach lawsuit

March 15, 2018

Participants and fiduciaries of the SunTrust Banks Inc. 401(k) Plan, Atlanta, agreed to a preliminary settlement in which plaintiffs will receive $4.75 million and executives will make several changes to plan policies. The preliminary settlement,...

Fiduciary rule shifts power to broker-dealer compliance departments

March 14, 2018

The DOL fiduciary rule was a wake-up call for many broker-dealers, some of which had paid little attention to defined contribution plans like 401(k)s in the past. Even broker-dealers that had focused on DC plans have made significant changes...

Appeals court upholds DOL fiduciary rule in case involving fixed indexed annuities

March 13, 2018

A federal appeals court upheld the Labor Department's fiduciary rule in a decision issued on Tuesday. The 10th Circuit Court of Appeals ruled in favor of a Kansas district court that granted summary judgment to the DOL in a lawsuit filed by...

Would reforming use of the title 'adviser' mesh with the DOL fiduciary rule?

March 10, 2018

If a major portion of a Securities and Exchange Commission rule on investment advice standards is a limitation on who can hold themselves out as a financial adviser, it shouldn't set up a clash between that regulation and the Labor Department's...

Is title reform the answer to the fiduciary debate?

March 10, 2018

Could clearing up the decades-old confusion over the role of a broker compared to that of an investment adviser be as easy as clarifying their professional titles? So-called title reform has recently emerged as a serious consideration as the...

Wells Fargo Advisors now under investigation by Galvin

March 8, 2018

Massachusetts Secretary of the Commonwealth William Galvin opened an investigation of Wells Fargo Advisors on Thursday, targeting whether the firm inappropriately moved investors into higher-fee accounts. The Massachusetts action comes on the...

Latest Wells Fargo flap underscores need for fiduciary standard

March 8, 2018

The most recent scandal brewing at Wells Fargo Advisors, this one regarding questions from the Justice Department about potentially inappropriate recommendations on rollovers for 401(k) plan participants, underscores yet again why the financial...

Georgetown sued for allegedly violating fiduciary duties in its 403(b) plans

March 1, 2018

Participants in two Georgetown University defined contribution plans sued the university, alleging that its management of the plans violated its fiduciary duties under the Employee Retirement Income Security Act. The participants, who are seeking...

Appeals court orders fiduciary breach case vs. Transamerica to be dismissed

February 28, 2018

A federal appeals court in Pasadena, Calif., ruled for Transamerica Life Insurance Co. and several affiliates against plaintiffs who alleged Transamerica violated fiduciary duties as a service provider. In a complex case that dates back to 2011,...

FSI aims for workable best-interest standard this year

February 27, 2018

It would be a great understatement to say 2017 was a year of momentous change for our industry. Reverberations of the Department of Labor fiduciary rule were felt far and wide, while the new political climate created new opportunities to advance...

Fiduciary advocate calls for immediate enforcement of DOL fiduciary rule

February 27, 2018

A leading advocate for the Labor Department's fiduciary rule is calling on the agency to enforce the measure even while the regulation is undergoing a review. In a letter to DOL Secretary Alexander Acosta last Wednesday, the Consumer Federation...

SEC chairman Jay Clayton says market needs 'clarity' on adviser-client relationship

February 23, 2018

Securities and Exchange Commission Chairman Jay Clayton put a fiduciary-rule proposal at the top of the agency's rulemaking agenda on Friday, saying that the market needs "clarity" on the relationships between financial advisers and clients....

SEC commissioners cheer Clayton's efforts on fiduciary rule collaboration

February 23, 2018

A new energy and spirit of cooperation that Securities and Exchange Commission Chairman Jay Clayton has brought to the agency may help it overcome past divisions that have stymied an investment advice regulation, members of the commission said...

SEC Chairman Jay Clayton outlines goals for a new fiduciary standard

February 23, 2018

An SEC fiduciary rule should provide investors clarity about the role of their adviser, enhanced protection and offer regulatory coordination, Chairman Jay Clayton said Friday. "I don't think it's any secret that we're going to make a big effort...

Maryland jumps into fiduciary fray with legislation requiring brokers to act in best interests of clients

February 21, 2018

Brokers in Maryland would have to act in the best interests of their clients under a Senate bill making its way through the state legislature. Maryland investment advisers currently must meet such a fiduciary requirement. The provision that...

Fiduciary conduct is good for business

February 21, 2018

Investment advisers have been conditioned to think of fiduciary conduct as a compliance matter. The long-debated DOL fiduciary rule, the impending SEC fiduciary rule, Finra's recent "best interest" spin on suitability, and new fiduciary laws...

DOL fiduciary rule continues to take toll on annuity sales

February 21, 2018

The Department of Labor fiduciary rule and the interest-rate environment delivered a one-two punch to annuity sales last year, pushing them down for the third consecutive year. Compared with the previous year, overall annuity sales dipped 8%...

Galvin's DOL fiduciary rule enforcement triggers industry plea for court decision

February 20, 2018

Industry opponents of the Labor Department's fiduciary rule are using last week's Massachusetts enforcement action to try to speed up an appeals court decision in their lawsuit. The plaintiffs warned the Fifth Circuit Court of Appeals that the...

State securities regulator says states can enforce DOL fiduciary rule

February 16, 2018

A prominent state securities regulator backed Massachusetts' effort to enforce the Labor Department's fiduciary rule and said he would do the same thing under the right circumstances. Industry participants, investor advocates and others were...

Galvin charges Scottrade with DOL fiduciary rule violations

February 15, 2018

Massachusetts charged Scottrade Inc. on Thursday with violating the Labor Department fiduciary rule, demonstrating that even as the regulation is being reviewed by the Trump administration it could still have bite. In a complaint, the state...

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