Why a Committee for the Fiduciary Standard?
The Committee was formed in June 2009 by a group of investment professionals and fiduciary experts, just as policymakers and industry leaders were reviewing the repercussions of the financial crisis, to advocate that all investment and financial advice be rendered as fiduciary advice and meet the requirements of the five core fiduciary principles.Five Core Principles:
• Put the client’s best interests 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;
• Fully disclose and fairly manage, in the client’s favor, unavoidable conflicts.-
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Letter Regarding Investor Protection Act, Section 103
October 19, 2009 Dear Chairman Dodd, Ranking Member Shelby, Chairman Frank and Ranking Member Bachus: I write as Chairman of the Steering Group, the Committee for the Fiduciary Standard, an independent group of over 600 investment professionals dedicated solely to … Continue reading
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Applying the Five Core Principles: Too Strong, Too Weak, Or Just Right?
September 11,2009 By: Knut A. Rostad Remarks for: Securities and Exchange Commission Meeting with Chairman Mary L. Schapiro Madam Chairman, I want to also thank you for taking the time to meet with the Committee for the Fiduciary Standard. You … Continue reading
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