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DOL Decision Means Return to 'Limbo' for Fiduciary Rule
Financial Advisor; March 1, 2017
After the U.S. Department of Labor announced a formal attempt to delay its fiduciary rule, supporters and opponents of the rule reacted with skepticism, relief and confusion.
The DOL on Wednesday released statements indicating it was seeking issuance of a new rule that would delay enforcement of the fiduciary rule 60 days beyond its April 10 applicability date, a process expected to take at least 16 days.
“The DOL’s proposed fiduciary rule delay marks a new period of limbo,” said Mike Walters, CEO of Ada, Mich.-based USA Financial in emailed comments.
Industry Weighs In on DOL Plan to Delay Fiduciary Rule
ThinkAdvisor; March 1, 2017
Industry officials, advisors as well as consumer advocates were quick to weigh in on the Department of Labor’s plan, announced Wednesday, to delay implementation of its fiduciary rule by 60 days.
The proposal, released early Wednesday morning, allows for a 15-day comment period on Labor’s plan to move the rule’s first compliance date from April 10 to June 9.)
“The proposed delay provides time for the administration to conduct a thoughtful review of the issue and [the fiduciary rule’s] harmful impact on retirement savers” as directed in the Feb. 3 memorandum by President Donald Trump, said the American Council of Life Insurers in a statement..
What does the fiduciary rule delay mean for advisers?
Benefit News, March 1, 2017
The Department of Labor’s announcement Wednesday formally proposing to delay the fiduciary rule and related exemptions from April 10 to June 9 might mean that a more permanent delay will be next. But, regardless of the final outcome of the regulation, industry experts say that best interest standards for retirement accounts will live on.
If the fiduciary rule is repealed, Andrew Oringer, co-chair of the employee benefits and executive compensation group at Dechert LLP, says he doesn’t think it will simply be back to business as usual for advisers.