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Wall Street needs real reform. The Committee for the Fiduciary Standard calls on Congress to make sure that any new laws or regulations about the fiduciary standard meet the requirements of the authentic fiduciary standard. The core principles of the authentic fiduciary standard are:
· Put the client's best interest first;
· Act with prudence; that is, with the skill, care, diligence and good judgment of a professional;
· Do not mislead clients; provide conspicuous, full and fair disclosure of all important facts;
· Avoid conflicts of interest; and
· Fully disclose and fairly manage, in the client's favor, unavoidable conflicts.
Sign this petition. Support the campaign of The Committee for the Fiduciary Standard for the authentic fiduciary standard. Urge Congress to make sure the core principles are part of any new legislation.
Dear Member of Congress:
The Obama Administration has proposed requiring brokers who give investment advice do so following a fiduciary standard. This is a great step as long as %u201Cfiduciary%u201D does not get watered down in the process, which some groups want to do.
Extending fiduciary duties in any new laws or regulation must specifically include the authentic fiduciary standard five core principles.
We are confident that the Obama Administration and the Congress intended to increase investor protections. We think that everyone receiving investment and financial advice should be offered the protections available today in the authentic fiduciary standard in ERISA law.