FSI Statement on 60-Day Delay of DOL Fiduciary Rule
WASHINGTON, D.C. – Today, the Department of Labor took a critical step in protecting retirement savers’ access to advice, products and services by delaying the applicability of its fiduciary rule by 60 days. As we have said for months, we are confident the administration understands our deep concerns for small investors, and today, once again, they showed they share these same concerns.
Our members pride themselves on working in the best interest of their clients and FSI has supported a uniform fiduciary standard since 2009 – before Dodd-Frank became law. We are confident the DOL will find that the fiduciary rule is inconsistent with the administration’s goal “to empower Americans to make their own financial decisions, to facilitate their ability to save for retirement and build the individual wealth necessary to afford typical lifetime expenses, such as buying a home and paying for college, and to withstand unexpected financial emergencies.”
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.