New DOL Exemption Can't Save Fiduciary Rule: Biz Groups
By Michelle Casady (January 25, 2017, 5:50 PM EST) -- Business groups challenging the U.S. Department of Labor's controversial fiduciary rule told a Texas federal judge Wednesday that a recent proposal by the department to exempt certain intermediaries from the rule only underscores the rule's flaws.
The fiduciary rule was promulgated in April 2016 and will be phased in starting in April 2017. It requires financial professionals who advise retirement accounts to act in their client's best interest when recommending investment products, a higher standard than the current approach of promoting products that are merely suitable to an investor. It also expanded the definition of "fiduciary" under the Employment Retirement Income...
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