Bloomberg: Worried About Wall Street Conflicts? The SEC Isn’t
A plan to limit bad sales incentives doesn’t give investors the protection they need.
Your lawyer can’t take money from your opponent to give you bad legal advice. If you’re on Medicare, your doctor can’t take kickbacks from drug manufacturers for prescribing their drugs. But, under current law, your broker-dealer can receive monetary rewards and other perks for recommending certain investment products, even if those products aren’t in your best interest.
Each year, Americans lose billions of dollars because of brokers who are looking out for their own financial interests instead of their clients’. The Securities and Exchange Commission recently proposed a new set of rules, supposedly to address this problem — but the SEC has fallen far short of giving American families the protection they need and deserve.
Read the full op-ed on the Bloomberg website here.
By: Senator Elizabeth Warren
Source: Bloomberg
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