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DOL fiduciary rule: Agency says it will come up with new ways to comply during delay period
InvestmentNews; Aug 30, 2017 @ 2:34 pm
The Labor Department said Wednesday that it will propose new ways for financial advisers to comply with its fiduciary rule during its proposed 18-month delay in the implementation of the measure's second phase.
The DOL said that the pause is needed to review the regulation under a directive issued by President Donald J. Trump earlier this year.
"More time is needed...to take a hard look at any potential undue burden," the agency wrote in the delay rule proposal, which was posted on the website of the Federal Register.
The agency is seeking to push back the original Jan. 1, 2018, applicability date to July 1, 2019, for enforcement mechanisms in the regulation, such as the so-called best-interest contract exemption that allows brokers to charge variable compensation for products as long as they sign a legally binding agreement to put their clients' interests ahead of their own. Other exemptions that would be delayed involve principal transactions and insurance and annuity contracts.
Proposed fiduciary rule delay to cause ‘relatively small’ losses to investors, Labor predicts
BenefitsPro.com; August 30, 2017
The Labor Department’s proposed 18-month delay for the fiduciary rule’s major compliance requirements and enforcement mechanisms is needed for regulators to complete a full review of the rule, according to language in Labor's proposal released today.
This week, the Office of Budget and Management signed off on the proposed delay after an expedited review of the proposal. OMB took less than four weeks to green light a delay.
Reviews of proposed rule-making commonly take up to three months.
Stakeholders have until September 15 to comment on the proposed delay.
RIAs, Manufacturers Find Middle Ground on Fee-Based Indexed Annuities
InsuranceNewsNet; August 30, 2017
In a fee-based world, independent agents want to know – above all else – why fixed indexed annuities come with surrender charges and how they are going to get paid.
Manufacturers are working with agents/advisors and providing answers as both camps make the rapid transition to a fee-based world. Consider a new fee-based product developed by Great American Insurance Group in Cincinnati.
It was just over a year ago that the fee-based fixed indexed annuity (FIA) marketed under the name of Index Protector 7 hit the market.
Since Index Protector 7 was launched Aug. 22, 2016, more than 50 registered investment advisors (RIAs) – Raymond James, Commonwealth Financial and Brookstone Capital Management among others – have agreed to sell the annuity.