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Speaking at the Consumer Federation of America's Financial Services Conference, the commissioner also said more Reg BI data is needed to gauge its effectiveness, but a strong fiduciary standard was critical.
Stephanie Avakian has served as the head of the division for four years, and oversaw investigations into Wells Fargo's supervision of investment advisors as well as the Share Class Selection Disclosure Initiative.
The center will be offering nearly $500,000 across 100 scholarships, 48 of which are new. That is a record number since the program was started in 2016.
An administrative order from the SEC alleged clients at a Nebraska-based broker had their assets placed in higher-cost mutual fund share classes when lower-cost options were available.