July 30, 2010
I feel the change to a fiduciary standard from a suitability standard with the pursuant requlations and compliance requirements adds just another layer of regulation to our already over-regulated industry. Also the law appears to be very vague with no definitive rules defining the parameters of "best interest of the customer".
For the average registered representative this will be just another layer of bureaucracy and will not accomplish the goal of protecting the consumer from the rep who might choose to deceive his or her client.
I urge you to reconsider your position on this part of the study.
Thank You Allan Laird