(wire)
Schapiro calls for increased regulation
SEC Chairman Mary Schapiro believes broker/dealers and investment advisors should be subject to the same fiduciary standards of conduct and increased regulations when providing the same services.
Speaking before the Financial Crisis Inquiry Commission, she said, "When investors receive similar services from similar financial service providers, it is critical that the service providers be subject to a uniform fiduciary standard of conduct that is at least as strong as exists under the Investment Advisers Act, and equivalent regulatory requirements, regardless of the label attached to the service providers."
Such a strategy also received support from Lloyd Blankfein, chairman and chief executive of Goldman Sachs Group Inc., who said that he supports the extension of such standards to those who provide advice to retail investors.
Speaking before the Financial Crisis Inquiry Commission, she said, "When investors receive similar services from similar financial service providers, it is critical that the service providers be subject to a uniform fiduciary standard of conduct that is at least as strong as exists under the Investment Advisers Act, and equivalent regulatory requirements, regardless of the label attached to the service providers."
Such a strategy also received support from Lloyd Blankfein, chairman and chief executive of Goldman Sachs Group Inc., who said that he supports the extension of such standards to those who provide advice to retail investors.
