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Insurance advocates laud changes to Consumer Financial Protection Agency Act
Members of the insurance industry are applauding an amendment to the Consumer Financial Protection Agency Act of 2009 that eliminates a section that would have given the agency oversight of some insurance products.
Best-selling author hits her financial advisers with lawsuit over $40M in losses
Patricia Cornwell, the author of several best-selling crime novels, is going after her financial advisers in an attempt to recover $40 million she has lost, according to multiple published reports.
U.S. House panel approves consumer protection agency
The House Financial Services Committee voted Thursday to create a federal agency devoted to protecting U.S. consumers from predatory lending, abusive overdraft fees and unfair rate hikes.
Key lawmaker to tee up formal consideration of financial planning regs
A member of the House Financial Services Committee next week plans to propose an amendment to financial service legislation that would require that a study be done on the regulation and oversight of financial planning.
Adviser gets eight years in jail for stealing from clients
Matthew Weitzman, a former principal of AFW Asset Management Inc., was sentenced to 97 months in prison after he pleaded guilty last year to stealing from the firm's clients.
With compliance and regulatory reforms on the horizon, tech firms respond
Fears abound about the potential for change in the regulatory and compliance arena.
Setting the standard: Draft sets the bar for a broker, adviser fiduciary standard
Based on a draft amendment of the Investors Protection Act that was distributed today by the House Financial Services Committee to select members of the financial services industry, the duty of care applied to both brokers and financial advisers would be at least as high as the standards that the SEC applies to investment advisers.
SEC busts a ‘master of deceit’ in $14M Ponzi scheme
Three men are accused of running a Ponzi scheme that scammed more than $14 million from hundreds of Haitian-American investors in South Florida and New Jersey.
Bid to regulate planning industry will soon run into opposition, leaders predict
The industry effort to regulate financial planning as a profession has support from within, but it won't escape opposition from other sectors of the financial services community, several industry leaders said last week.
Jury: Allianz used deceptive materials to market its two-tiered EIAs
A federal jury in Minnesota ruled last week that Allianz Life Insurance Company of North America used deceptive materials to market its two-tiered equity-indexed annuities, but declined to assess damages against the company, saying that the plaintiffs suffered no harm.
GRAT tax edge may be dulled by new rules
Spurred by low interest rates and a White House proposal that would reduce the benefits of a popular estate-planning vehicle, financial advisers are encouraging wealthy clients to take advantage of that vehicle before it's too late.
Advisers face "slew’ of new lawsuits from small-business clients
Financial advisers who have sold certain types of retirement and other benefit plans to small businesses might soon face a wave of lawsuits unless Congress takes action.
Merrill avoids arbitration in loan cases
Merrill Lynch & Co. Inc. is pursuing a legal strategy that could give it a leg up in collecting from brokers who owe the firm money on retention packages.
SEC, CFTC propose fiduciary standard for commodities advisers
The SEC and the CFTC today proposed requiring advisers who recommend commodities to adhere to a fiduciary standard as part of a 20-point plan to improve regulation.
Wall Street has spent $224M to influence financial reforms
$224 million. It's a lot less than $16.7 billion but it could pack far more punch. That's the amount the financial industry spent in the first half of this year to lobby Congress to water down regulations aimed at preventing another financial meltdown. And more money is expected to be on the way.
Former NHL star Sergei Fedorov files new suit connected to $60M in losses from financial adviser
Ex-Detroit Red Wings star Sergei Fedorov is suing his former lawyers, claiming they share responsibility for the loss of millions of dollars invested with another client.
Schwab slapped with SEC warning; YieldPlus settlement may be on the horizon
The SEC's warning to the Charles Schwab Corp. that it could face civil charges over two fixed-income mutual funds may have a direct effect on current and looming legal actions from investors over losses suffered in the funds.
Advisers staring at a new ‘slew’ of litigation from small-business clients
Financial advisers who have sold certain types of retirement and other benefit plans to small businesses might soon be facing a wave of lawsuits — unless Congress decides to take action soon.
Watchdog: Treasury wasn’t prepared for AIG bonuses
The fierce debate over bonuses for bailed-out executives was revived on Capitol Hill Wednesday as a government watchdog explained how some executives nearly brought down the financial system — then pocketed millions.
Advisers to SEC: Take our money, please
Willing to go to any length to avoid oversight by Finra, financial advisers are reluctantly accepting the idea of paying the SEC to regulate them.
