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
- 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