Verizon Settles 401(k) Complaint for $30M
The agreement is still pending court approval but would end 7-year court case.
Tag: Fee disclosure
FINRA Expels Brokerage SW Financial for Misrepresenting Fees
The brokerage and investment bank was expelled for misrepresenting its fee structure, churning accounts and failing to properly supervise and...
Compliance News
Legislative and Judicial Actions
The SEC returns to cybersecurity enforcement pledge; Form 5500 revisions; revenue-sharing disclosure failures result in SEC action; and more.
Revenue Sharing Disclosure Failures Result in SEC Action
A recent cease-and-desist order filed by the Securities and Exchange Commission underscores the fact that revenue sharing among financial advisers and ‘parties in interest’ is not necessarily an...
B/D Attorney: Don’t Be Distracted by FINRA Examination Priorities Letter
Alan Wolper, an attorney with significant experience helping advisers and brokers navigate FINRA and SEC examinations, says the recently published FINRA 2019 priorities list is interesting, but ultimately...
Northwestern University 403(b) Lawsuit Tossed By District Court
Defendants strongly prevailed with their motion to dismiss, and the Illinois District Court barred further motions as moot: The complaint was far too general in its scope and...
With DOL Fiduciary Expansion Faltering, CFP Board Requires Best Interest Service
The Certified Financial Planner Board of Standards has adopted a revised ethics code that requires a CFP professional to act as a fiduciary in all client service contexts,...
DOL Fiduciary Rule Ambiguity Mustn’t Derail Quality Client Service
With so much uncertainty now overhanging the future of the DOL fiduciary rule expansion, the onus is squarely on advisers, broker/dealers and recordkeepers to decide how they will...
DOL Fiduciary Rule Gets Another Successful Defense in Appeals Court
The appellee, Market Synergy Group, argued unsuccessfully that its representatives would never be able to make the Best Interest Contract Exemption, a key mechanism underlying the new DOL...
Wells Fargo Advisors SEC Filing Hints at Federal Fiduciary Investigation
The firm says it does not have additional information to share at this juncture beyond what has been noted in a 2017 year-end SEC filing; in that newly...
FINRA Rep Monitoring Rule Change Could Trigger RIA Compensation Renegotiation
The regulator is reassessing its requirements for RIAs to monitor the outside business activities of their reps; one experts argues it is likely that, if the final rule...
Self-Dealing Lawsuit Targeting Capital Group Routed in District Court
In a dense dismissal decision, the district court offers a reminder of the exacting pleading standards of ERISA and statues of limitations before roundly rejecting the plaintiff's allegations...
PANC 2017: Washington Update
Wagner Law Group attorney underscores: The fiduciary rule is in effect.
Industry Trends Threaten Traditional Broker/Dealer Model
Broker/dealers (B/Ds) can address new regulatory pressures, and new competition, by enhancing their value proposition and embracing technology, a report by Cerulli suggests.
Mapping Industry Change Just Part of the Job
From a rapidly evolving recordkeeping provider landscape to a potential wholesale rewrite of the tax treatment of retirement assets, today’s environment puts advisers and their clients in a...
Fidelity Dismissed from Verizon Plan Investments Suit
Although the court dismissed claims regarding risky investments in TDFs and participant fee disclosure failures, Verizon still faces a charge regarding an underperforming investment.
Mesirow Financial Launches Level Compensation Platform
The firm will provide 3(21) and 3(28) services through a tech-focused solution.
Morningstar Advocates Refining the Definition of Clean Shares
Comments submitted to the Department of Labor by experts with Morningstar warn the loose use of the term “clean shares” could jeopardize fiduciary compliance.
Federal Pension Funds Sue Big Banks Over Securities Lending
The lawsuit accuses a number of major banks of improper collusion to protect their shares of the securities lending marketplace.
A Closer Look at the BICE
A new report, “Everything You Wanted to Know About BICE But Were Afraid to Ask,” offers plan officials key insights on the requirements of the fiduciary rule and...