The 10 cases brought by the organization also include loans to clients, falsifying standing as a CPA and inappropriate investment advice.
The assistant Labor Secretary used her moxie, her might and her friends in high places to raise the standards for providing retirement advice. </br><b><i>(More: <a href="http://www.investmentnews.com/section/fiduciary-focus" target="_blank">The fiduciary rule covered from every angle</a>)</b></i>
A Finra arbitration panel sided with the estate of Roy M. Speer, the co-founder of the Home Shopping Network, saying the brokerage churned his account and violated a law against exploitation of vulnerable adults.
The board agreed to modest reforms to its arbitration system based on recommendations by a special task force set up to examine it.
The legislation is based on a program in her home state of Maine, where 50 referrals have been made on suspected abuse within two years.
While Republicans had insisted they opposed the DOL rule because they wanted the SEC to act first, a discussion draft to overhaul Dodd-Frank has requirements that would delay SEC action further.
According to an <i>InvestmentNews</i> roundtable, legal challenges by financial-industry interest groups may still be on the horizon for the DOL fiduciary rule.
But state agency says it is adjusting to court's admonishment on adviser's free speech rights.
Sen. Johnny Isakson, R-Ga., said the Senate likely will vote on a resolution of disapproval. He also plans to advance a separate bill to halt the regulation. <b><i>(More: <a href="//www.investmentnews.com/article/20160510/BLOG07/160519983/this-insurance-group-likely-to-be-first-to-file-dol-fiduciary-lawsuit"" target=""_blank"" rel="noopener noreferrer">This insurance group likely to be first to file DOL fiduciary lawsuit</a>)</i></b>
The ACLI is champing at the bit to get legal action started, but it likely wants to know which other groups will be running before it starts its own race.
