Episode 6: Update on SEC Regulation BI and Fiduciary – Consumer Federation of America’s Director of Investor Protection, Barb Roper joins CFP Board VP for Public Policy Maureen Thompson
Welcome to Certificant Connections, a podcast powered by the Certified Financial Planner Board of Standards. In this episode, CFP Board takes a quick look at the latest news and trends in the financial planning profession. With interviews and insights from newsmakers and thought leaders in the profession. Maureen Thompson and Barb Roper discuss the SEC’s Regulation BI and the latest news on the “F” word, that’s right, fiduciary! Key Takeaways [:20] Dan Drummond welcomes Maureen Thompson, CFP Board’s VP for Public Policy, and Barb Roper, Director of Investor Protection at the Consumer Federation of America. [:53] Maureen opens the discussion with an overview of the goings on in the world of fiduciary and the way the CFP Board is working towards a strengthening of Regulation BI. [1:42] Barb explains why this work towards strengthening is so important and what reactions the first Regulation BI garnered. [3:44] Barb gives a bit of history on Regulation BI and explains how in the last 20 years, the problem has been made progressively worse. [5:36] Maureen touches on what the CFP Board has been doing to palliate to these regulatory issues and how it remains a clear and trustworthy standard. [7:06] Dan asks Barb and Maureen to give their take on the evolution of the consumer market and its potential or inability to affect regulatory bodies’ policy. [12:11] Is the growth in CFP® professions related in any way to the failing regulations in place and the consumer market demand for higher clarity, standards, and accountability? [14:09] Maureen talks about brokerage industry changes (automation for example) and their effects on market growth. [11:40] Dan thanks Barb and Maureen for coming on the podcast and delving into the fiduciary issue. Thank you for listening to another episode of Certificant Connections; for more information, visit our website and check out our blog. To submit questions, email us at podcast@cfpboard.org. If you enjoyed the show, we hope you visit iTunes to subscribe, rate and leave us a review. Join us next time for another edition of Certificant Connections. Mentioned in this episode Certified Financial Planner Board of Standards Financial Planning Coalition Consumer Federation of America SEC Regulation Best Interest Dodd-Frank More about your hosts Dan Drummond is the Director of Communications of Certified Financial Planner Board of Standards, Inc. (CFP Board). Maureen Thompson is the Vice-President of Public Policy of Certified Financial Planner Board of Standards, Inc. (CFP Board). Barbara Roper is the Director of Investor Protection at the Consumer Federation of America.