While the primary tenets of the Dodd-Frank Wall Street Reform and Consumer Protection Act largely bypassed the insurance industry, the rule-making phase is drawing a considerable amount of industry attention. The National Association of Insurance and Financial Advisors (NAIFA) is applauding a report from the Government Accountability Office that concludes no additional layers of regulation for financial planning are required.
“We agree with the GAO’s findings that existing state and federal regulations already cover the vast majority of the services provided by financial planners, which include preparing financial plans and providing insurance products, securities and other investments,” NAIFA President Terry Headley said in a statement. “Compliance with these regulations takes a large portion of insurance and financial advisers’ time and resources. Any additional layers of regulation would not only be unnecessary, but could also hinder the ability of advisers to effectively serve consumers.”
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