UK Exceeds US In Common Sense

Recent events have led me to conclude that, at least in some ways, the U.K. is ahead of the United States when it comes to investing. The first—and by far the most important—reason I have for drawing such a conclusion is that in January 2013, all licensed financial advisors in the U.K.were required to become fiduciaries and adopt a fee-for-service compensation model.

Transitioning to a fiduciary-only standard means that, in the U.K., selling a product and getting a commission on the transaction is no longer permitted. (In July 2013, the same also became true for advisors in Australia.)

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