FSI Statement on DOL’s Final PTE for Investment Advice Fiduciaries

December 15, 2020

Today, the Department of Labor (DOL) released its final prohibited transaction exemption (PTE). 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 President & CEO Dale Brown provided the following statement following the PTE’s release:

“With Regulation Best Interest (Reg BI) now in effect, it is imperative that other regulations align with the standard set forth by the SEC. We are thoroughly reviewing the final exemption. However, based on the approach of the initial proposal, we are hopeful that the new PTE will harmonize with Reg BI’s requirements. Harmonization of these rules will ensure access to retirement advice for Main Street Americans and provide financial professionals with the regulatory clarity and consistency they need to confidently serve their clients.”