The Financial Industry Regulatory Authority addressed the main compliance challenges for firms in the year ahead in its 2024 Annual Regulatory Oversight Report, according to Financial Planning. The report provides member firms with insights and observations from...
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Month: January 2024
Charles Schwab asks Department of Labor to withdraw fiduciary rule proposal
Charles Schwab has asked the Department of Labor to withdraw its proposal that would revise the definition of an investment advice fiduciary, according to Financial Advisor. The DOL made the proposal in November under the Employee Retirement Income Security Act. It...
SEC says Apple and Disney must hold shareholder votes on AI proposals
The Securities and Exchange Commission rejected bids by Walt Disney Co. and Apple Inc. to exclude proposals on their use of artificial intelligence from shareholder votes, Reuters reports. The AFL-CIO Equity Index Funds, an investment trust for union members’ pension...
New AI tool helping financial advisors explain annuities to clients
As the financial industry continues to utilize artificial intelligence, a new AI product is reported to be helping advisors in the annuity sector. According to InvestmentNews, the AI Annuity Assistant has been developed by Wealth 2K. It is aimed at assisting...
Lawsuit alleges Wells Fargo error involving incorrect birthdate caused $130K in penalties
A lawsuit has been filed against Wells Fargo alleging that an error in entering data when setting up an account led to $130,000 in tax penalties, according to InvestmentNews. The plaintiffs are the beneficiaries of a family trust who filed suit last month in U.S....