FSI Statement on DOL Hearing on Proposed Fiduciary PTE
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.”
Click here to read FSI’s comment letter to DOL on its proposed fiduciary PTE.
Related Posts
FSI Names Inaugural Recipients of Congressional Champion for Main Street Award
Four lawmakers recognized for dedication to preserving Americans’ access to affordable, professional financial advice Today, the Financial Services Institute (FSI) …
Read MoreFSI Announces Inaugural Honorees of its New Advocacy Recognition Awards
The Financial Services Institute (FSI), the leading advocacy organization for the independent financial services industry, today announced the first 20 …
Read MoreMarc 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