Consumer Federation of America claims brokerage firms may be violating DOL fiduciary rule
October 5, 2017 by Jeff Benjamin
The Consumer Federation of America is calling on multiple regulatory bodies to “investigate potential rule violations related to broker-dealer firms’ improper implementation” of the Department of Labor’s fiduciary rule.
In letters sent this week to Labor Secretary Alexander Acosta, Securities and Exchange Commission Chairman Jay Clayton, and Finra CEO Robert Cook, the CFA challenges as improper the brokerage industry’s recent practice of “shifting retirement savings into fee accounts when they would be better off in commission accounts.”
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