Today, the Department of Labor (DOL) held hearings on its proposed prohibited transaction exemption (PTE) for investment advice fiduciaries. For over the last decade, the Financial Services Institute (FSI) has been engaged with DOL, the SEC and the states on the issue of establishing an industry-wide best interest standard. FSI provided the following statement in light of the hearing.
“We support DOL’s proposal, and we commend the Department’s efforts to align its rules with the SEC’s Regulation Best Interest (Reg BI),” said FSI’s President & CEO Dale Brown. “There is room for improvement, which we explained in our comment letter. However, it is imperative that DOL continues moving forward with the rulemaking process in order to ensure clarity and consistency as to the obligations of financial professionals.”
FSI Announces Inaugural Honorees of its New Advocacy Recognition Awards
Twenty Dedicated FSI Members Named to First Advocacy Circle of Excellence, Recognizing Outstanding Commitment to Advocacy on Behalf of Main …Read More
Marc Squires Elected to FSI Board of Directors
The Financial Services Institute (FSI) today announced the election of Marc Squires, Head of Wealth and Brokerage Platforms, Fidelity Institutional, to its Board of Directors.Read More
FSI Applauds Development and Rollout of SEC’s Regulation Best Interest as Crucial New Rule Goes Into Effect
This critical new rule represents a tremendous step forward in protecting Main Street American investors, increasing transparency and reducing confusion as to the obligations of financial professionals.Read More