CFP Board Urges House Committee to Enact Fiduciary Standard of Care

On October 26, 2009, CFP Board and five other pro-consumer and public interest groups urged Members of the House Committee on Financial Services to ensure that provisions in the Investor Protection Act of 2009 would subject all those who provide investment advice to a fiduciary standard of care that requires them to act in their clients’ best interests. In a letter to Members of the Committee, CFP Board, FPA, NAPFA, CFA, IAA, and NASAA wrote to express their shared desire for the “inclusion of a strong provision to ensure that all those who offer investment advice are held to the highest standard – the Investment Advisers Act fiduciary duty.”

This group followed up with the Committee on November 2, 2009, sending a letter affirming the need for a strong, universal fiduciary duty for investment advice and expressing concerns over the degree to which that goal is threatened by changes made to date during the Committee's consideration of the Investor Protection Act.

Read the letter (PDF, 94KB)