The Securities and Exchange Commission voted to finalize rules that require brokers and investment advisers to act in the best interest of their clients; “This rulemaking package will bring the legal requirements and mandated disclosures for broker-dealers and investment advisers in line with reasonable investor expectations,” explained SEC Chairman Jay Clayton according to Business Insider; the rules will force changes for brokers but they will still be allowed to charge trading commissions to clients; conflicts of interest will also have to be disclosed in addition to any potential fees a client might incur; there was one dissenting vote from Democrat Robert Jackson who said investor interests were not protected enough. Source.
