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Activity of investment advice needs regulation
As Congress prepares to tighten financial regulation to correct weaknesses revealed by the mortgage collapse, the debate over who should regulate those who give in-vestment advice, including financial planners,
OppenheimerFunds faces heat from 529 plans
OppenheimerFunds Inc.'s hot streak in the Section 529 college savings plan business is coming to an end.
Agents oppose government-sponsored health care
As Congress starts to take up health care reform, a group representing health insurance agents is voicing its dissent over President Obama's call for universal health insurance.
Fred Joseph
More than ever, state securities regulators face the threat of a diminished role in overseeing the financial services industry.
Obama’s first 100 days in office earn advisers’ thumbs down
President Obama reached his much-ballyhooed 100-day milestone last week, but most financial advisers were in no mood to celebrate.
Ex-Janus manager sues for $3.8M in wages and compensation
A Denver district court is slated to hear the case Monday of a former employee of Janus Capital Management Group Inc. who charged the firm with breach of contract.
Federal insurance regulation is coming, warns a House leader
Delivering a message that his audience probably didn’t want to hear, Paul Kanjorski, D-Penn, chairman of the House Capital Markets Subcommittee, said that federal insurance regulation is inevitable.
Planner, adviser coalition seeks new regulator, but not Finra
The Financial Planning Coalition confirmed today that it is promoting a new regulatory board that would come under the jurisdiction of the Securities and Exchange Commission and would regulate anyone who offered any type of financial planning services.
Schumer to include ‘say on pay’ in bill
Sen. Charles Schumer is planning to introduce legislation which would mandate that public corporations give shareholders an advisory vote on executive compensation.
Planners urge enforcer role for CFP Board
With regulation of the financial planning industry all but a certainty, a coalition of industry groups is cobbling together a proposal to make the Certified Financial Planner Board of Standards Inc. the rule setter and enforcer for the nation's hundreds of thousands of unregulated planners.
State officials gird for fight against federal risk regulator
State securities officials are lining up against congressional proposals that would create a systemic risk regulator for the financial industry, fearing that it will pre-empt their power.
Obama signs bill that strengthens oversight of $787B rescue plan
President Obama today signed into law a bill aimed at strengthening oversight of the $787 billion financial rescue plan.
Financial planning industry groups urge enforcer role for CFP Board
The effort is an attempt by the financial planning industry both to legitimize itself as a regulated profession and reverse the growing impetus of the Financial Industry Regulatory Authority Inc., which oversees securities brokers, to expand its domain to planners and advisers.
Chamber of Commerce asks court to reverse securities decision
A recent decision by a three-judge panel of the federal appeals court in Boston “dramatically expands securities fraud liability” and should be reversed, the U.S. Chamber of Commerce said in an amicus brief filed April 22.
SEC charged Florida adviser with misrepresenting partnerships
The Securities and Exchange Commission today charged William L. Gunlicks and his firm, Founding Partners Capital Management Co. of Naples, Fla., with misrepresenting the investments the firm made through a series of partnerships that buy hospital receivables.
Two Senate Banking Committee members ask regulators to freeze rates on credit cards
Two members of the Senate Banking Committee today called on federal regulators to implement an emergency freeze on credit card interest rates.
House Republicans’ bill would increase limits on retirement savings accounts
House Republicans on Wednesday introduced legislation that would lift the ceiling on retirement savings account contributions.
Top Illinois regulator blasts Allstate exec’s N.Y. Times Op-Ed
A critique of state regulatory missteps from The Allstate Corp.’s Tom Wilson, did not sit well with Michael T. McRaith, director of the Illinois Division of Insurance.
States pushing for authority over Reg D offerings
State securities regulators are asking Congress for expanded powers to review offerings of private securities.
Advisers are wary of the federal toxic-debt program
The government's Public-Private Investment Program — designed to remove bad assets from bank balance sheets and promote lending — will help turn around the economy in the short run, but perhaps not long-term, according to financial advisers.
