By Helen Kearney

NEW YORK, March 23 (Reuters) – As Senator Christopher Dodd’s financial regulatory reform bill heads to the full Senate, brokerages for now have escaped tougher regulation thanks largely to fierce lobbying by insurers.

A bill approved by the Senate Banking Committee on Tuesday took a pass on two big issues affecting financial advisers — a uniform fiduciary standard for all professionals advising investors and rules that mandate brokerage customers take disputes to an industry arbitration panel.

While the terms of the legislation are likely to change during debate by the full Senate and when Rep. Barney Frank’s House Financial Services Committee weighs in, both issues for now will only be the subject of further study.

“The provision for another study is not warranted or wanted,” said Knut Rostad, chairman of the lobbying group Committee for the Fiduciary Standard.

Rostad, who is also regulatory and compliance officer at Falls Church, Virginia, investment advisory firm Rembert Pendleton Jackson, said he was disappointed Dodd’s committee only recommended that the Securities and Exchange Commission conduct a one-year study of the impact of a common fiduciary standard.