DOL Proposes Delaying Fiduciary Rule

The Department of Labor has proposed a 60-day delay of the DOL fiduciary rule. Below is a comment from Dale Brown, FSI President & CEO:

“Today, the Department of Labor took a critical step in protecting retirement savers’ access to advice, products and services by proposing a delay to the applicability of its fiduciary rule by 60 days. While a proposed 60-day delay is a good first step, we will continue to work with the administration, and through the legal process, to repeal and replace this rule. As we have said for weeks, we are confident the administration understands our deep concerns for small investors, and today they showed they share these same concerns. Our members pride themselves on working in the best interest of their clients.

FSI has supported a uniform fiduciary standard since 2009 – before Dodd-Frank became law. We stand ready to work with the president and his administration to put in place a best interest standard that protects investors, while not denying quality, affordable financial advice to those who need it most. At a time when so few Americans are adequately saving for retirement, our government should be doing everything possible to provide more incentives to save, not making it harder. This rule will push retirement advice out of the reach of many hard-working Americans who need it.”