DOL Declines To Scrap Fiduciary Rule Despite Invalidation

Law360 (May 7, 2018, 10:04 PM EDT) -- The U.S. Department of Labor announced on Monday that financial advisers are free to continue relying on its now-invalidated, Obama-era fiduciary rule for the time being, though they won't be penalized if they stop.

Monday's field assistance bulletin surprised some attorneys, who expected the agency to move more decisively in the wake of the Fifth Circuit's choice last week not to revisit its decision striking down the 2016 fiduciary rule, which held that retirement investment advisers must act solely in their clients' best interests.

"I thought it was interesting they didn't just say, 'We're scrapping the rule for now, and until further...

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