FSI Statement on DOL’s Proposed Delay of Fiduciary Rule

WASHINGTON, D.C. – The Department of Labor (DOL) published a proposed 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 support the DOL’s proposed delay of the remaining portions of its fiduciary rule. It has only been a few months since the impartial conduct standards went in place, but we have already seen investor choice limited and retirement savings advice pushed out of the reach of those who need it most. In our previous comment letters to the DOL we have requested a delay of the rule’s implementation precisely for the reasons the Department outlines in its proposal. President Trump ordered a full review of the rule and its impacts, and it is critical that the DOL completes that review. In addition to the rule review, we hope the DOL uses the proposed 18-month delay to coordinate with 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.