NASAA Statement on GAO Financial Planner Study

WASHINGTON (January 18, 2011) – The following is a statement from David Massey, President of the North American Securities Administrators Association and North Carolina Deputy Securities Administrator, regarding the release today by the Government Accountability Office of its report, “Regulatory Coverage Generally Exists for Financial Planners, but Consumer Protection Issues Remain.”

“The GAO concluded that a new layer of regulation is not needed for financial planners, since they are already subject to regulation by state securities, insurance or banking regulators. We agree and also concur with the GAO’s recommendation that the SEC and state regulators work together on financial planning issues involving investment advisers.”

For more information:
Bob Webster
Director of Communications

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