Today marks a big step toward making sure that consumers nationwide receive strong, harmonized protections when they receive financial guidance. The National Association of Insurance Commissioners (NAIC)—made up of each state’s head insurance regulator—virtually unanimously adopted a model regulation that puts consumers’ interests first. The NAIC’s Suitability in Annuity Transactions Model Regulation makes sure that … Continue reading "A Big Win for Retirement Savers at the NAIC"
At a recent hearing in Boston, a long line of local citizens voiced opposition to the Massachusetts Commonwealth Secretary’s proposed elitist fiduciary-only standard for financial advice. This week in the Boston Globe, local business owner Joan Jaeger Gustaff outlined why she opposes the rule, which could become effective within weeks. The people of Massachusetts would be best served … Continue reading "Massachusetts Small Business Owner Opposes Fiduciary-Only Proposal"
Massachusetts is about to impose an elitist, fiduciary-only standard for those seeking financial services. Sadly, as the industry that helps small- and moderate-savers to plan their financial futures, we know this would hurt the very people it claims to protect. I offered testimony at a related hearing today, as did Paul Quaranto of Boston Mutual … Continue reading "Elitist Proposal Denies Choices to Bay State Retirement Savers"
When consumers are considering what to do to save for their future, they should take comfort in knowing that financial professionals have the consumers’ best interests first and foremost in mind when making recommendations. Thanks to recent actions by the National Association of Insurance Commissioners (NAIC), consumers across America are one step closer. Last weekend at … Continue reading "NAIC Annuity Initiative Aligns with SEC Reg BI to Protect Consumers"
Life insurers strongly support protections serving the best interests of customers, which can be meaningfully safeguarded with disclosure about services and material conflicts of interest. This approach provides an effective means to shield consumers and facilitate informed purchase decisions. The Securities and Exchange Commission’s (SEC) Regulation Best Interest (Reg BI) and Form CRS provide this … Continue reading "Best Interest Standards Comprehensively Protect Consumers"
The American Council of Life Insurers (ACLI) questioned the purpose and merits of an ill-advised lawsuit by eight attorneys general last week against the Securities and Exchange Commission’s Regulation Best Interest (Reg BI). ACLI supports rules requiring all financial professionals, when making a recommendation, to act in the consumer’s best interest — with care, skill, … Continue reading "State Attorneys General Misguided About SEC’s Regulation Best Interest"
The American Council of Life Insurers (ACLI) believes strongly in a best interest standard of care for all financial professionals. Fortunately, so does the Securities and Exchange Commission (SEC). The SEC introduced a strong standard of care in June when it unveiled its Regulation Best Interest (Reg BI). Reg BI is a robust measure that … Continue reading "Ignore the Naysayers, SEC’s Regulation Best Interest Provides Strong Consumer Protection"