Consumer Federation of America Urges Strong Fiduciary Standards for Investors

In Letter to Massachusetts, CFA Supports Proposal to Hold All Investor Professionals to Uniform Fiduciary Standards When Providing Advice to Consumers

On January 6, 2020, Consumer Federation of America (CFA) wrote a letter urging the state of Massachusetts to adopt a proposal requiring strong fiduciary standards for investment brokers and dealers who offer advice to their customers. In the absence of federal protections, states should step in to fill the gap. Under this proposal investors would be entitled to a strong fiduciary standard of care regardless of what distinctions these brokers have to follow. These standards would mean that the professionals are required to act in the best interests of the investors whose assets they are managing.