OTHER NEWS - June 5, 1992

Witnesses Ask Tougher Rules for Advisers: State regulators and hoodwinked investors asked Congress to toughen oversight of the mushrooming financial advice industry. The House Energy and Commerce subcommittee on telecommunications and finance is considering legislation to increase government inspections of financial planners, also known as investment advisers, and to make it easier for customers to sue them for fraud. The SEC has 46 inspectors to police the 17,000 firms offering advice in the $5-trillion financial planning industry.