The Financial Planning Association filed a petition in a District of Columbia Circuit Court of Appeals challenging a Securities and Exchange Commission rule exempting certain broker/dealers from the requirements of the Investment Advisers Act of 1940.

"The FPA is concerned about the quality of financial planning advice to consumers and this rule is harmful to the profession," FPA president James A. Barnash told reporters during a press conference Thursday. Barnash added, "The act itself is beginning to look like Swiss cheese."

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