FSI Statement on 18-Month Delay of the DOL Fiduciary Rule
Washington, D.C. – Today, the Department of Labor (DOL) published its delay of the applicability date of the Fiduciary Rule’s Best Interest Contract Exemption, Class Exemption for Principal Transactions, and PTE 84-24 until July 1, 2019. Below is a statement from Dale Brown, FSI President & CEO:
“We applaud the DOL’s decision to delay the remaining portions of its fiduciary rule for 18 months. This delay will allow the DOL to conduct a thorough review of the rule, as ordered by President Trump, to ensure investor choice and access to retirement savings advice is protected. In addition to the rule review, we are encouraged by the DOL’s statement that they will coordinate with other regulators, including the SEC, to simplify and streamline the rule.”
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.