A new investment broker advice standard will move forward Tuesday, following a ruling Friday by a federal appeals court that upholds Regulation Best Interest, Investment News reported. An investment planning group and three state attorneys general had filed lawsuits in September 2019 to vacate the regulation, which they argued ignored congressional intent. They said that standard should be the fiduciary duty to which advisers adhere under the Investment Advisers Act. Instead, the SEC promulgated Reg BI for brokers, which the agency maintains is stronger than the current suitability rule, while continuing to regulate investment advisers separately under the fiduciary standard. The SEC said it wanted to preserve the broker business model while raising the advice standard. Best interest standards are also being advanced in the insurance industry. Beginning Jan. 1, Iowa insurance companies and sales agents will have new state regulations to follow that will require annuity producers to act in the best interests of customers who are purchasing annuities.