Congress should impose a fiduciary duty on all financial professionals who give investment advice regarding securities rather than settle for the plain-English, fair-dealing standard proposed by the securities industry, three groups said in a letter this week to lawmakers.

The four-page letter was signed by the North American Securities Administrators Association, the Consumer Federation of America, and the Investment Adviser Association sand ent to members of the Senate Banking Committee. It comes in response to universal standards that T. Timothy Ryan, the president of the Securities Industry and Financial Markets Association, proposed in testimony before the committee earlier this month.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.