Quote:
Originally Posted by Jbrochu
I don't think complicated products are against the law. Just take a look at the sleazy world of whole life and annuities.
Also, add churning to your example of things the new rules would hopefully have prevented.
Sure, churning is also ridiculous and should be prohibited.
As an aside, selling insurance is not the same as being an investment advisor under the applicable SEC regulations. The best interest standard wouldn't impact insurance product sales at all I don't think, even when those products have an underlying investments aspect. Someone with more knowledge may correct me if I'm wrong about that. I live and work in Canada so I know the Canadian rules better.