FSI Statement on Meeting with DOL on Potential Fiduciary Rule

January 27, 2012

The Financial Services Institute (FSI) today met with officials at the Department of Labor. This meeting was a result of a joint coalition letter in response to the Department’s December letter requesting industry information. The following is a comment from FSI General Counsel and Director of Government Affairs David Bellaire:

“Due to our annual conference, we were not able to participate in Tuesday’s meeting with the Department of Labor and our industry trade association colleagues. We appreciate the Department staff accommodating our schedule so we could have an opportunity to discuss their data request. The work of our coalition is of paramount importance and will be instrumental in the effort to protect Main Street Americans’ access to affordable financial advice. In our meeting today we continued to reiterate our concerns regarding their plans to re-issue their rule redefining the term fiduciary. As our coalition conveyed to the Department on Tuesday, we intend to share whatever relevant information we have available, and to help the Department better understand our industry and the critical role it plays in helping Americans plan for the future. We also look forward to the Department sharing their evidence of problems prompting this pending rule, hopefully dispelling the conventional wisdom that it’s a solution in search of a problem.”