No More Delay for DOL Rule

No More Delay for DOL Rule

Despite efforts to delay it further, the so-called fiduciary rule will get put in place June 9, Acosta wrote in an op-ed for the Wall Street Journal.

Employers who sponsor retirement plans are already fiduciaries, so it will continue to be their job to make sure their retirement-plan service providers are working in the best interest of their employees, says Shelby George, senior vice president, advisor services, for Manning & Napier, an investment management company. President Donald J. Trump has ordered the DOL to review the rule, leaving open the possibility for revision ahead of that date.

The president also has order a review of the rule.

"We have carefully considered the record in this case, and the requirements of the Administrative Procedure Act, and have found no principled legal basis to change the June 9 date while we seek public input".

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However, some financial firms and industry groups say the approach may have the unintended effect of limiting savers' options if some brokers decide to eliminate some investments they fear will face more scrutiny under the rule.

"It is important to ensure that savers and retirees receive prudent investment advice, but doing so in a way that limits choice and benefits lawyers is not what this administration envisions", he writes. Just in the previous year the fiduciary rule's future has seemingly flipped at least two or three times, starting with the election of Donald Trump and the bicameral Republican majority in the U.S. Congress.

"The Labor Department will roll back regulations that harm American workers and families", he said. But the future beyond that is uncertain, as full implementation won't occur until January 1, 2018, leaving room for further discussion, CNBC reports - and industry analysts said they ultimately expect the rule to be relaxed.

"This decision will make it harder for many Americans to save for a dignified retirement".

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"Assuming the compensation is reasonable, such an approach is a potentially powerful means of reducing conflicts of interest with respect to mutual fund recommendations and correspondingly reducing the need for heightened surveillance around adviser conflicts of interest", the DOL said of clean shares. The announcement that the rule will go into effect in a few weeks serves as a major victory for advocates of the regulation, which has faced intense opposition from Wall Street firms and Republicans from the start.

Acosta, a former Justice Department official who took office on April 28, said he is seeking additional public input.

The Financial Services Institute, a lobbying group that has vehemently opposed the rule, said it was "disappointed in this latest development". The Labor Department stepped in after progressive activists and politicians rallied around the rule they say helps protect consumers from dishonest financial advisers. It would not be replaced until the Securities and Exchange Commission came up with a separate rule for all investments, not just retirement assets, prescribing standards for brokers and advisers - and it would have to be close to the SEC's rule.

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