Maryland is a state seeking to drive up financial advice standards while the US awaits the SEC's plans to lay down a national regime.

Legislation designed to raise standards of financial advice in the state of Maryland has been derailed by lawmakers, a report said.

The Maryland Senate Finance Committee voted down the Financial Consumer Protection Act earlier this week. The bill included a provision that would have imposed a fiduciary duty on financial professionals in the state, according to InvestmentNews.

The report said the bill has been mauled because the legislature is scheduled to adjourn on April 8. It noted that Maryland was one of several states pursuing advice reform while the Securities and Exchange Commission works on its own rule to raise the standard of conduct for brokers.

The state of fiduciary standards in US wealth management has been in flux after legislators derailed the Department of Labor’s fiduciary rule in the aftermath of Donald Trump’s victory in the presidential elections. The DoL rule had set out a “best interests” test for providers of financial services. The rule was designed to encourage a switch to fee-based advice and away from sales commissions. Parts of the broker-dealer industry opposed it.