The following Letter Type B, or variations thereof, was submitted by individuals or entities.

Letter Type B:

• Suitability standards currently governing broker-dealers and registered representatives are already stringent and heavily enforced. Current regulations already provide strong and appropriate consumer safeguards.
   
• Requiring compliance with 'fiduciary standards' will drive many advisers out of the market and eliminate a valuable advisory resource to consumers, especially in middle- and lower-income markets.
   
• Additional risk of lawsuits involving registered representatives will increase costs to consumers.
   
• Driving every registered representative to fee-only compensation will not necessarily result in better, unbiased advice for the consumer.

http://www.sec.gov/comments/4-606/4606-1153.htm