The Department of Labor's withdrawal of a controversial rule allowing advisers to work directly with retirement plan participants — just days after the agency extended the effective date of the rule — has some industry observers wondering if DOL officials are buckling under pressure from Congress.
The European Parliament on Thursday strongly rejected a deal that would have allowed U.S. authorities access to European bank transfers, allegedly to track funds supporting terror groups.
In an apparent first, a registered representative and his individual practice have been sued in a potential class action stemming from oil-and-gas private placements that the SEC claims were fraudulent.
Financial advisers with Securities America Inc. continued to sell offerings of allegedly faulty private placements after an executive at the firm sounded the alarm bell about the deals last year, according to a recently filed lawsuit.
These days, money market funds are investing only the safest securities.
Terra Nova Financial LLC, a Chicago-based broker, has been fined $400,000 by federal regulators who say the firm made unauthorized payments to clients, including money to cover one hedge fund manager's visits to a “gentleman's club.”
The dispute between LPL Investment Holdings Inc. and Pacific Life Insurance Co. over liability for rogue brokers is a reminder that unseen risks can be part of any acquisition, no matter how well-vetted, according to lawyers and investment bankers.
<a href= http://www.investmentnews.com/apps/pbcs.dll/section?Category=Topic&keywordid=261&keywordname=LPL%20Financial>LPL Investment Holdings Inc. </a>and Pacific Life Insurance Co. are staring each other down over which firm will have to pony up the potentially millions of dollars in claims stemming from fraud suits against a rogue broker from one of the three independent-contractor firms LPL acquired from Pac Life two years ago.
Now that the Department of Labor is scrapping a rule proposal that would have allowed brokers affiliated with financial-services firms to provide advice to 401(k) participants, Congress will move forward with legislation that would require that such advice be given by independent advisers, according to a key congressman.
In the coming months, state securities regulators will focus on increasing the threshold for state regulation of investment advisers to $100 million, according to Texas securities commissioner Denise Voigt Crawford.
A former GunnAllen Financial Inc. and Ameriprise Financial Services Inc. broker pleaded guilty this month to two federal charges, one of mail fraud and the other of filing a false tax return, and he faces up to 23 years in prison when he is sentenced in September.
Lawmakers in Washington are discussing scrapping the conflicted-advice provision of the 401(k) Fair Disclosure and Pension Security Act of 2009 — a move that would be welcomed by many in the financial services industry.
The Labor Department has officially killed a Bush administration rule that would have cleared the way for mutual fund companies to offer direct one-on-one investment advice through their affiliates to defined contribution plan participants.
A proposal by the Securities and Exchange Commission that would require advisory firms that hold custody of client assets to be audited by accountants that are inspected by the Public Company Accounting Oversight Board would cost each firm an average of $200,000, according to one new estimate.
The financial advisory industry is rallying its troops against a controversial SEC rule proposal that would subject thousands of investment advisers to surprise exams by outside auditors.
Smith Barney has hit a former adviser with a lawsuit, an arbitration claim and a restraining order, claiming that the rep improperly pursued clients and used confidential information after he resigned from the brokerage arm of New York-based Citigroup Inc. at midmonth.
After focusing their efforts on increasing 401(k) fee disclosure, members of an influential committee last week approved a more comprehensive package of potential retirement reforms.
A key Congressional committee is expected to vote on a proposal - as early as next week - that could potentially bar thousands of brokers from providing investment advice to 401(k) participants, according to sources.
