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DOL Fiduciary News: June 3, 2016

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Lawsuit against DOL fiduciary rule seen as 'weak' by some observers 

InvestmetnNews; June 2, 2016 @ 2:09 pm

Opponents have finally filed an anticipated lawsuit challenging the Labor Department's rule to raise investment advice standards for retirement accounts, but some observers say arguments levied against the regulation are flimsy and exaggerated.

“There are still some serious questions about the Department of Labor's authority to regulate to the extent they did with the new Conflict of Interest Rule, but many of the arguments in the complaint filed by the Chamber of Commerce look weak at best,” said Jamie Hopkins, an attorney and a professor at The American College of Financial Services.

DOL’s Perez Vows to Fight Fiduciary Rule Lawsuit 

ThinkAdvisor; June 2, 2016

Labor Secretary Thomas Perez vowed Thursday to "vigorously" defend DOL's fiduciary rule from the lawsuit filed the same day by financial services trade groups and several Texas groups that seeks to vacate the rule.

Indeed, at least one industry expert maintains that the plaintiffs waited too long to move on their complaint, and that they are headed for a battle with DOL to have the venue moved from U.S. District Court for the Northern District of Texas to Washington.

RegEd Announces Expanded Compliance Education and Product Training Solutions in Response to DOL Fiduciary Rule 

Raleigh, NC, June 02, 2016 (GLOBE NEWSWIRE) -- RegEd, a leading provider of Compliance Education and Product Training solutions for the financial services industry, has announced that it will add to its extensive library of courses for licensed insurance agents, registered representatives and financial advisors in the wake of the recently released Department of Labor (DOL) Fiduciary Rule. The series of new courses will enable firms in the insurance and securities industries to effectively train employees on the new and changed standards that have been the product of the rulemaking.

National Planning Holdings, Inc. Launches Enhanced Practice Management Platform to Support Advisors in Post-DOL Environment 

June 02, 2016 12:02 PM EDT

EL SEGUNDO, Calif. -- (BUSINESS WIRE) -- National Planning Holdings®, Inc. (NPH), the nation’s fourth-largest independent broker-dealer network, today announced the company has enhanced and centralized its advisor-centric practice management resources, the Advisor Growth Team. The new Advisor Growth Team aims to offer a greater level of practice management support to advisors, particularly during a time of intensified regulatory complexity for the financial professional community following the finalization of the new fiduciary rule by the US Department of Labor (DOL).

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