Advisor groups opposed to exempting indexed annuities from SEC oversight
June 24, 2010 by N/A
Investment advisor industry groups are speaking out against a proposal that would exempt equity indexed annuities from oversight by the Securities and Exchange Commission.
An amendment to prevent the SEC from regulating sales practices related to such annuities was recently offered by Sen. Tom Harkin, D.-Iowa.
Committee members are expected to respond to the amendment and to a House offer on fiduciary duty today.
According to Kevin Keller, president of the Certified Financial Planner Board of Standards Inc., the amendment should be rejected because it would undermine the goal of strengthening the standard of care for investors.
“These are products that are ripe for abuse among the elderly. It’s important for consumers, especially for the elderly, to have the protection of the SEC.”
