DENVER (June 29, 2020) – The Financial Planning Association® (FPA®), the largest membership organization for financial planning practitioners and those who support the financial planning process, provided the following statement on the 2nd U.S. Circuit Court of Appeals’ decision to uphold the Securities and Exchange Commission’s Regulation Best Interest:

“The court’s decision to uphold the SEC’s Regulation Best Interest (Reg BI) is a disappointing outcome for American investors who expect to receive investment advice that is truly in their best interest. That means advice provided with a clear fiduciary standard of care, similar to the fiduciary standard that all CERTIFIED FINANCIAL PLANNER™ professionals must now adhere to when providing financial advice. Importantly, the court acknowledged that 'Regulation Best Interest will put ... investment advisers at a competitive disadvantage compared to the status quo.' As we outlined in our amicus brief, Reg BI allows brokers to provide investment advice that amounts to financial planning without the costs and responsibilities of complying with the Investment Advisers Act of 1940. FPA will continue to advocate for commonsense rulemaking that protects the interests of American investors and FPA members.”

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About the Financial Planning Association
The Financial Planning Association® (FPA®) is the principal membership organization for CERTIFIED FINANCIAL PLANNERTM professionals, educators, financial services professionals and students who are committed to elevating the profession that transforms lives through the power of financial planning. With a focus on the practice, business and profession of financial planning, FPA advances financial planning practitioners through every phase of their careers, from novice to master to leader of the profession. Learn more about FPA at FinancialPlanningAssociation.org and follow on Twitter at twitter.com/fpassociation