DOL Fiduciary News: November 8, 2016
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Eyes wide shut on DOL fiduciary future
InvestmentNews (editorial); Nov 6, 2016 @ 12:01 am
As more time elapses and more information trickles out about the Department of Labor's coming fiduciary rule, it is becoming more apparent that parties both inside and outside the regulatory clutch are still largely speculating about what lies ahead.
Proof of that can be found in the obvious split across the brokerage industry with regard to plans for allowing commissions in qualified retirement accounts once the rule takes effect.
It will take months, and possibly years, before the dust completely settles and the full impact of the DOL rule is felt. But in the meantime, the brokerage industry deserves some credit for trying to provide direction and clarity to individual reps and the broader financial advisory space.
NAFA to appeal DOL fiduciary rule decision
LifeHealthPro.com; November 7, 2016
The National Association for Fixed Annuities said Monday it plans to appeal a judge's decision upholding the U.S. Department of Labor’s fiduciary rule. The appeal will go to the D.C. Circuit Court of Appeals.
“We are obviously disappointed by the court’s decision, but we have always assumed this case would get decided by a higher court and we are pleased the issues will get de novo review by the Circuit Court,” said Chip Anderson, executive director of NAFA. De novo review means the appellate court will consider the case without being bound or influenced by the lower court’s decision.
NCOIL to Consider Resolution Opposing Labor Department Fiduciary Rule at Annual Meeting
Best's News Service via Bestwire -- November 07, 2016 03:10 PM
LAS VEGAS -- The National Conference of Insurance Legislators will discuss a resolution opposing the Department of Labor’s fiduciary rule at its annual meeting in Las Vegas, Nov. 17-20.
Also on tap are discussions about big data and new model legislation to save insurers claims costs by preventing abuse by towing services.
The NCOIL Executive Committee is expected on Nov. 20 to consider approving the resolution by Arkansas state Sen. Jason Rapert, a member of NCOIL’s Financial Services and Investment Products Committee that approved it during NCOIL’s Summer Meeting in Portland, Oregon.