DOL Fiduciary News: April 3, 2017
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IMOs to DOL: Delay Rule and Fix Our Exemption
InsuranceNewsNet; March 31, 2017
The Department of Labor continues to post comments and petitions it received on its proposal to delay the controversial President Obama-authored fiduciary rule by 60 days.
The comment period closed March 17 and the DOL sent its delay rule to the Office of Management and Budget Wednesday.
As of Friday morning, the DOL reported 1,105 comments and 24 petitions. Perhaps the most interesting comment letter came from Bradford P. Campbell and Bruce L. Ashton, lawyers with Drinker Biddle & Reath in Los Angeles.
They wrote in support of the delay, but for different reasons than other commenters. The pair represents several insurance or field marketing organizations seeking “financial institution” status under the rule.
DOL Fiduciary Rule Winners and Losers
Think advisor; April 3, 2017
As the Department of Labor at press time continued to grapple with whether to delay the effective date of its fiduciary rule (the consensus: a delay from the original April 10 date to June 9), industry players and lawmakers were busy telling Labor in comment letters why such a delay was warranted — or not.
While the jury is still out on the fiduciary rule's ultimate form, industry observers agree that there will be definite winners and losers — be they products, industry players or consumers — post Labor's decision to either modify the fiduciary rule or eventually kill it.
Hidden Fees Show How Investor Protections Can Backfire
Kiplinger, April 2017
After several years of lobbying and debate, the Department of Labor’s fiduciary rule — which requires financial professionals to act in the best interests of their clients — hit yet another snag.
The rule was scheduled to go into effect April 10, but the DOL announced in early March a proposed 60-day extension until June 9. And it’s even possible the regulation will be rescinded.
Regardless of the timeline or the results of the required analysis, the industry is already changing. And, unfortunately, it may not be for the better.