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Err on the side of caution with DOL fiduciary rule, Phyllis Borzi advises
InvestmentNews; May 24, 2016 @ 4:24 pm
DOL fiduciary champion Phyllis Borzi said her agency will help work through specifics that aren't covered in the new rule requiring retirement advice to be delivered in a client's best interest. But firms with questions about particular sales practices that aren't mentioned in the principles-based regulation should probably err on the side of caution, she said.
“This is a broad rule. It's intended to sweep broadly,” she told those attending an event in Philadelphia hosted by the Institute for the Fiduciary Standard on Tuesday. “When in doubt, assume that you're supposed to be under the best interest contract exemption.”
ThinkAdvisor; May 24, 2016
Broker-dealers should be “nervous” if they don’t have policies and procedures in place before the Department of Labor fiduciary rule’s first deadline hits next April, Timothy Hauser, one of the chief architects of the rule, said Tuesday at a Financial Industry Regulatory Authority conference in Washington.
. . . Nancy Smith, executive vice president and corporate secretary at AARP, said on a conference panel with Hauser that AARP will not only continue to advocate for the fiduciary rule but plans to assemble some members to act as “mystery shoppers” to see if advisors are complying.
Senate approves resolution to kill DOL fiduciary rule
InvestmentNews; May 24, 2016 @ 5:35 pm
The Senate on Tuesday approved, largely along party lines, a resolution to kill a Labor Department rule that would raise investment advice standards for retirement accounts.
The Senate passed the measure, 56-41, with three Democrats voting in favor: Sens. Joe Donnelly of Indiana, Heidi Heitkamp of North Dakota and Jon Tester of Montana. The Republican-led House passed the resolution last month with only GOP votes.