Court Strikes Down DOL Fiduciary Rule, Finds in Favor of Plaintiffs

The U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, and Securities Industry and Financial Markets Association released the following statement today on a decision in favor of the plaintiffs by the U.S. Court of Appeals for the Fifth Circuit regarding a legal challenge to the Department of Labor’s fiduciary rule:

“The court has ruled on the side of America’s retirement savers, preserving access to affordable financial advice.  Our organizations have long supported the development of a best interest standard of care and the Securities and Exchange Commission should now take the lead on a clear, consistent, and workable standard that does not limit choice for investors.”