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Financial Services Coalition Warns “Significant Disruption” from Pro Act Would Harm Consumers

WASHINGTON – A coalition of trade associations, including Finseca, told Congressional leaders today that the Protecting the Right to Organize (PRO) Act “would cause significant disruption” that would affect consumers’ access to insurance, investment and retirement security solutions. Collectively, the coalition represent more than 100,000 individual small business owners, broker-dealers and insurance companies providing financial services to more than 112 million American families.

Their concerns are detailed in a letter sent to U.S. Senate HELP Committee Chairwoman Patty Murray and Ranking Member Richard Burr for today’s committee hearing on the PRO Act. The letter reads in part:

“By effectively reclassifying independent contractors as employees, the PRO Act would create unintended consequences for the industry, and specifically insurance producers and independent financial advisors. These individuals are vital to ensuring that Main Street Americans have access to the important advice, products and services necessary to achieve their financial goals and protect their homes, families and businesses. In times of catastrophe, insurers engage independent contractors to provide a faster response for consumers experiencing loss. The PRO Act’s ‘ABC test’ could eliminate the choice a majority of practitioners have made to serve clients independently. In turn that could drastically reduce clients’ ability to access high quality advice for their insurance, investment and retirement security needs.”

Read the coalition’s letter here.

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