On January 2, NAIFA submitted comments to the Department of Labor (DOL) on its proposed fiduciary-only rule. The comments pointed out the harm the proposal would do to middle class retirement investors and to financial professionals who already put clients’ interests first. NAIFA recommended that the proposal be withdrawn.
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NAIFA Submits Comments to DOL on Fiduciary-Only Rule
Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
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EBSA Head Predicts Changes to Fiduciary Rule
Employee Benefits Security Administration (EBSA) head Lisa Gomez is predicting changes to the Department of Labor’s (DOL’s) fiduciary rule due to “changes in the marketplace since 1975.” She noted, though, that EBSA is also considering the litigation that has overruled previous attempts by EBSA to change the fiduciary rule, especially in connection with advice on rollovers.
Topics: Legislation & Regulations Standard of Care & Consumer Protection DOL Fiduciary
2 min read
NCOIL Supports Resolution Opposing Fiduciary Rule Change
On July 21, the National Conference of Insurance Legislators (NCOIL) adopted a NAIFA-backed resolution to oppose any new fiduciary rule from the U.S. Department of Labor (DOL). The decision came in part as a result of NAIFA testimony highlighting why no change to current fiduciary rules is necessary.
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