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High Compliance Costs Could Sink DOL Fiduciary Rule

Law360, New York (July 20, 2015, 9:24 PM EDT) -- As comments roll in on the Labor Department's new fiduciary rule proposal that would force financial advisers to put their clients' interest ahead of their own when recommending retirement investments, the tide is against the rule, with mounting criticism from financial organizations that argue it would cost billions instead of yielding savings.

Groups such as the Securities Industry and Financial Markets Association, the U.S. Chamber of Commerce and the Financial Industry Regulatory Authority have proffered criticisms of the U.S. Department of Labor’s proposed retirement advice rule, introduced in April, ahead of the Tuesday comment deadline. So far, there are more than...

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