DOL Fiduciary News: July 20, 2016

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NCOIL Panel Passes Resolution Urging Labor Department to Repeal Fiduciary Rule

Best's News Service via Bestwire - July 19, 2016 03:39 PM

PORTLAND, Ore. - A National Conference of Insurance Legislators panel has approved a resolution asking the U.S. Department of Labor to repeal its controversial fiduciary rule.

The resolution was passed during NCOIL’s recent meetings in Portland, Oregon, where state lawmakers and regulators also addressed cybersecurity and workers’ compensation issues among others.

The Life Insurance & Financial Planning Committee approved the Fiduciary Rule resolution, which next will be considered when the Executive Committee meets again in Las Vegas in November during the NCOIL Annual Meeting.
(http://www.ambest.com)

Advisers asking DOL for clarification on fiduciary rule's impact on compensation

InvestmentNews; July 18, 2016

More than three months after the Labor Department released a final rule to raise investment advice standards for retirement accounts, some advisers are expressing worry about how the measure will affect pay incentives, according to an agency official.

“The biggest concern people have probably has to do with how are they going to change their incentive structures,” DOL deputy assistant secretary Tim Hauser told reporters on the sidelines of an Investment Management Consultants Association conference in Washington on Monday.
(http://www.investmentnews.com)