DOL Fiduciary News: July 14, 2016

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DOL Rejects Allegations It Overstepped Authority in Fiduciary Rule

Best's News Service via Bestwire -- July 13, 2016 02:43 PM

WASHINGTON -- Attorneys for the U.S. Labor Department said the DOL did not overstep its authority in updating the fiduciary rule for retirement advice and asked a federal judge to throw out a lawsuit that seeks to halt implementation of the rule.

“Until now, investment advisers have been able to operate under financial conflicts and retirement investors have been paying the price of their tainted advice,” said the brief filed by Galen Thorp, a U.S. Justice Department attorney representing the DOL.
(http://www.ambest.com)

Market Synergy’s DOL Lawsuit Hearing Rescheduled

InsuranceNewsNet; July 13, 2016

The court date on insurance agency Market Synergy Group’s lawsuit to stop the Department of Labor fiduciary rule has been pushed back to Sept. 21, according to a new court filing.

The Market Synergy lawsuit in U.S. District Court for the District of Kansas is one of three lawsuits seeking a preliminary injunction. It was the first case to be heard on Aug. 24.
(http://insurancenewsnet.com)

Options are the future of retirement planning

LifeHealthPro.com; July 13, 2016

With the dust not yet settled on the U.S. Department of Labor’s fiduciary rule, finalized last April, agents and advisors are questioning whether and how their practices can remain viable in the retirement plan arena.

Put that question to members of the Million Dollar Round Table — an association of top-producing life insurance and financial service professionals that held its annual meeting in Vancouver, B.C., June 12-15 — and you’re likely to hear a resounding “yes!”
(http://www.lifehealthpro.com)