“For decades, the commission has failed to live up to its central investor protection mission when it comes to the regulation of broker-dealers and investment advisers,” Roper said in the letter. “You have an opportunity to correct that failure, and we urge you to do so. It is, in CFA’s view, the most important step you can and should take to protect the interests of millions of financially unsophisticated individuals who turn to the markets to save for retirement or other important life goals and desperately need advice they can trust to navigate those decisions.”
Now as Gensler’s senior advisor, Roper will have a direct hand in helping steer SEC enforcement and future policy making around Reg BI and more. She will also be a voice for the SEC with the Department of Labor, which is scheduled to start enforcing its own new fiduciary rule at the end of December.
Roper was part of a consortium of 30 pro-investor trade group’s that in May asked the DOL to toughen its fiduciary rule and “close legal loopholes that would otherwise enable firms to evade appropriate application of the fiduciary duty.” Since then, the DOL has indicated that it plans additional rulemaking along these lines.
CFP Board CEO Kevin Keller said in a statement that the board "applauds" Roper's appointment. “While most people know Barbara Roper for her life’s work on investor protection issues, we’ve watched for years as she’s engaged tirelessly with industry participants to find common ground. Ms. Roper generously shared her expertise by serving with distinction on three CFP Board commissions,” Keller added.
Among her work with the CFP Board, Roper helped to develop its code of ethics and standards of conduct.