October 27, 2015

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U.S. House Should Protect Americans’ Access to Financial Advice

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U.S. House Should Protect Americans’ Access to Financial Advice
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FOR IMMEDIATE RELEASE
October 27, 2015

Contact: Erika Reynoso
202-589-2410 | @fsroundtable
Erika.Reynoso@FSRoundtable.org

Contact: Alison Hawkins
202-589-2427 | @fsroundtable
Alison.Hawkins@FSRoundtable.org

U.S. House Should Protect Americans’ Access to Financial Advice

‘Ill-advised’ DoL fiduciary rule will regulate investment products outside of its expertise, harm consumers

Washington, DC—The Financial Services Roundtable (FSR) urged Speaker of the House John Boehner (R-OH) and House Democratic Leader Nancy Pelosi (D-CA) to pass The Retail Investor Protection Act, H.R.1090, which would protect Americans’ access to financial advice.

The legislation addresses a Department of Labor retirement income proposal that would change the rules governing the sale of retail investment products. The department’s jurisdiction is limited to retirement-related investments. The industry’s primary regulator, the Securities and Exchange Commission (SEC), has jurisdiction over all investments.

The Retail Investor Protection Act, sponsored by Rep. Ann Wagner (R-MO), requires the SEC to act first before the Department of Labor can proceed with any such rule.

“While our members support DoL’s goals, they have expressed deep concern that DoL’s procedural approach is overly complicated and will limit investment choices for modest income consumers,” FSR wrote in a letter to House leadership. “A regulatory result that makes it harder for modest income Americans to access professional and appropriate retirement planning advice would obviously be ill-advised.”

Read FSR’s full letter supporting Rep. Ann Wagner’s bill here.

Learn more about the financial services industry’s significant concerns with the DoL’s proposed fiduciary rule here: www.protectourfinancialfuture.com

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The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.