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New financial advice regime doesn't go far enough, Consumer says


New financial advice regime doesn t go far enough, Consumer says
15 Mar, 2021 04:00 PM
5 minutes to read
All financial advisers will now come under the same licensing regime. Photo / File
A consumer group says a new regime for financial advisers designed to put their client s interests first doesn t go far enough and its success will be highly dependent on how well it is regulated.
As
of yesterday all financial advisers will have to come under a licensed provider and sign up to a code of professional conduct.
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That will mean advisers have to disclose any conflicts of interest, commissions they are paid and limits on the companies or products they advise on. ....

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Federal Privacy Bill Reintroduced in Congress


U.S. Rep. Suzan DelBene, D-Wash.
U.S. Rep. Suzan DelBene, D-Wash., has reintroduced a bill that would create a nation-wide data privacy standard to be enforced by the Federal Trade Commission that in its latest version is intended to gather bipartisan support by addressing specific Republican concerns.
DelBene s Information Transparency and Personal Data Control Act, if passed, would replace a patchwork of current state laws and provide an influx of $350 million to the Federal Trade Commission s budget to enforce these proposed regulations.
The new DelBene bill marks an interesting start for the relaunch of the effort to advance federal privacy law, says Omer Tene, vice president of the International Association of Privacy Professionals. Specifically, while coming from the Democrats side of the aisle, the bill is largely preemptive of state privacy laws and would not allow a private right of action. ....

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