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Are regulators equipped to monitor robo-advisers as fiduciaries?
Academics encourage agencies to boost their digital exam tools now, before automated platforms get even bigger.
Finra makes up for 2016 operating revenue hit with big increase in fine income
Broker-dealer self-regulator reports that fines increased to $173.8 million in 2016, up from $93.8 million in 2015.
ARCP Ex-CFO Brian Block guilty of securities fraud
Mr. Block last year pleaded not guilty to charges, including conspiracy and securities fraud, stemming from accounting at the REIT once controlled by Nicholas Schorsch.
Connecticut governor signs bill to improve 403(b) plan fee transparency
Some believe the Connecticut law could be a springboard to reform among other states.
DOL issues request for comment on fiduciary rule to guide review, possible revisions of measure
Agency sets 15-day deadline for input on delaying Jan. 1 applicability date and 30-day deadline for suggestions for substantive revisions.
Fintech sales take off after DOL fiduciary rule’s partial implementation
Interest in fiduciary-related fintech previously cooled following the election of President Donald J. Trump.
UBS loses $793,000 in Puerto Rico bond arbitration case
Claimants asserted firm was negligent and breached its fiduciary duty.
Nationwide’s 401(k) record-keeping fees are excessive, lawsuit claims
Plaintiffs claim practice of charging plans a percentage of assets is unreasonable.
Waddell & Reed latest active fund manager sued for 401(k) self-dealing
The plaintiff claims the company only offered one unaffiliated investment option during the class period, resulting in excessive fees for participants.
Labor’s Alexander Acosta and SEC’s Jay Clayton tell lawmakers they will work together on fiduciary rule
In separate appearances before Senate panels, the regulators stressed the cooperation that Republican legislators and opponents of the DOL fiduciary rule are demanding.
Despite leaner budgets, SEC’s Clayton anticipates a 5% increase in adviser exams next year
SEC chairman acknowledged that tighter budgets would require increased efficiencies to meet examination goals.
The fiduciary rule for retirement advice faces an uncertain future
Other states could move in to plug the fiduciary gap if the DOL and SEC devise a watered-down standard.
Supreme Court to consider role of Dodd-Frank provision in corporate whistle-blower case
An anti-retaliation provision in the 2010 Dodd-Frank law could insulate publicly traded companies from some whistle-blower lawsuits.
LPL provides clarity on rule preventing hybrid RIAs from making 401(k) rollover recommendations as a broker
Prompted by the DOL fiduciary rule, LPL has told its hybrid advisers they can offer education and outline options, but cannot advise clients to roll over their funds into an IRA.
CFP Board proposal another signal fiduciary is the future
The organization's efforts are another signal that the fiduciary movement is picking up steam; advisers should let their opinions be known.
SEC budget request could make it harder for agency to increase adviser examinations
The SEC budget request for 2018 projects 1,044 full-time OCIE employees, down from 1,069 in fiscal 2017.
Finra awards $440,000 in case against Ameriprise
All-public arbitration panel says firm breached fiduciary duty.
Finra fines Wells Fargo $3.25 million for options trade reporting violations
Firm censured for inaccuracies and errors in OTC options reports from 2008 through this year.
SEC Chairman Jay Clayton says agency initiatives would help investors research advisers’ backgrounds
He doesn't provide details, but says that he shares SEC Investor Advisory Committee's desire to help older investors know their advisers
Voya’s win in 401(k) fee suit involving Financial Engines bodes well for other record keepers
Fidelity, Aon Hewitt and Xerox HR Solutions are currently defending against similar fiduciary-breach claims.
