FYI: The only way to eliminate conflicts of interest that cost investors millions of dollars annually is through clean shares and level product commissions, a leading consumer advocate is expected to tell Securities and Exchange Commission Chairman Jay Clayton this week.
The Consumer Federation of America (CFA) will submit to the regulator these and other comments advocating the creation of “clean” products stripped of sales costs and the elimination of variable product compensation in favor of “level” compensation. The framework also advocates precise disclosure, investor consent, conflict mitigation and heightened supervision.
Regards,
Ted
https://www.fa-mag.com/news/consumer-group-calls-for-end-to--toxic--broker-conflicts-44445.html?print
