DOL Fiduciary News: May 24, 2016
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DOL will be prepared for fiduciary enforcement, Perez says
Employee Benefit News; May 23 2016, 6:02am EDT
As the requirements of the new fiduciary rule begin to take effect next April, and then more fully in 2018, the Department of Labor will rely on its staff lawyers and investigators to carry out enforcement, Labor Secretary Tom Perez says.
The agency plans to evaluate broker-dealers’ policies and procedures on retirement advice, and has vowed it will be “closely monitoring” institutions as they roll out new policies and procedures in the coming year.
“The enforcement of the rule that we just issued will be carried out by our agency – our Employee Benefits Security Administration,” the division that also regulates and enforces the provisions of ERISA, Perez told attendees Friday at the Society of American Business Editors and Writers conference.
(http://www.benefitnews.com)
U.S. Senate poised to vote to repeal new retirement advice rule
Reuters; Mon May 23, 2016 6:27pm EDT
WASHINGTON -- The U.S. Senate on Tuesday will take up, and likely pass, a resolution to repeal a new Labor Department rule aimed at protecting retirement savers from profit-hungry brokers, a move that President Barack Obama has threatened to veto.
A notice sent to senators on Monday showed that a debate and vote on the resolution were scheduled for Tuesday morning, less than a week before the chamber recesses for the Memorial Day holiday. The vote requires a simple majority, which Republicans command in both houses of Congress. The House of Representatives passed its version of the resolution last month, in a vote along party lines.
(http://www.reuters.com)
DOL fiduciary rule compliance a worry for fee-only financial planners
Investmentnews; May 22, 2016 @ 6:00 am
Fee-only advisers already follow the spirit of the Labor Department's new best-interest rule on retirement advice, but they are worried about additional compliance hoops they'll need to jump through to show regulators they are fiduciaries.
A couple of hundred fee-only financial planners packed a meeting room at the National Association of Personal Financial Advisors spring conference in Phoenix last Wednesday to get an update on the DOL's conflict-of-interest rule, which was finalized in April.
(http://www.investmentnews.com)