Richard Ketchum, the chairman and chief executive of the Financial Industry Regulatory Authority Inc., told a gathering of brokerage firm executives that his group will be more aggressive about investigating the advisory activities of their brokers — regardless of whether it <a href= http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090517/REG/305179968&ht=SRO>gets full regulatory authority </a> to oversee investment advisers.
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.
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.
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.
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.
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.
Fears abound about the potential for change in the regulatory and compliance arena.
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.
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.
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.
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.
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.
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 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.
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.
$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.
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.
The SEC's warning to the Charles Schwab Corp. that <a href= http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20091015/FREE/910159992>it could face civil charges</a> 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.
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.
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.
