The Securities and Exchange Commission’s (SEC) new best interest rule for broker-dealers has stirred some controversy in the US investment community.

The new standard, introduced in June 5 after years of no real movement on part of the regulator, aims to increase the ‘quality and transparency’ of services that financial firms provide investors. SEC chairman Jay Clayton said the new rule aligns standards of conduct with reasonable investor expectations, while preserving investor access to products and services. But provisions relating to the exact definition of best interest itself and the disclosure of conflicts of interest are c