Fiduciary/Best Interest Development
- The Maryland Senate Finance Committee rejected a bill, the Financial Protection Act of 2019, on April 3, 2019. The bill was introduced in February 2019.
- The bill would have imposed a fiduciary standard on brokers and insurance representatives, including “to act in the best interest of the customer without regard to the financial or other interest of the person or firm providing the advice.”
- Investment advisors are already subject to a fiduciary standard, but the bill would have made them subject to a best interest standard as well.
- A House version of the bill expired on April 8 when the Maryland legislature adjourned.
The Financial Protection Act of 2019