DOL Fiduciary News: April 26, 2016
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Lawsuits against fiduciary rule likely to cite DOL's lack of authority
InvestmentNews; Apr 25, 2016 @ 2:15 pm
So far, all's quiet on the court front when it comes to the recently finalized Labor Department rule to raise investment advice standards for retirement accounts.
Three groups that might file a lawsuit against the rule — the Insured Retirement Institute, the American Council of Life Insurers and the U.S. Chamber of Commerce — indicated Monday they're still reviewing the 1,023-page regulation and haven't made a decision on whether to take legal action.
(http://www.investmentnews.com)
Opponents Fight Fiduciary Rule with Money
Financial Advisor; April 25, 2016
“Follow the money” is often a reliable guide to explain how U.S. House and Senate members are acting the way they do.
The fiduciary rule could very well be a case in point.
Anti-fiduciary-rule money is flowing into the campaigns of Congressional opponents by the many hundreds of thousands of dollars.
(http://www.fa-mag.com)
Broker Pay, Bonuses Scrutinized Under DOL Rule
Financial Advisor; April 25, 2016
Broker pay plans and recruitment bonuses will be under a brighter spotlight, thanks to the DOL’s final fiduciary rule.
The rule will require some additional public disclosures of broker pay plans, recruitment and retention bonuses, and revenue-sharing payments.
(http://www.fa-mag.com)
Dear Agents: This is Your Life Under ‘Best Interest’
InsuranceNewsNet; April 25, 2016
Insurance and financial advisors will surely be relieved that “differential compensation,” or commission income, trail fees and incentives aren’t barred under the new fiduciary rule released by the Department of Labor earlier this month.
But such compensation, which once came with few if any strings attached, now come with tethered by rope and heavy-gauge chains for agents who continue selling products into retirement accounts under new Best Interest Contract (BIC) exemption.
(http://insurancenewsnet.com)