WASHINGTON, D.C. – Today, the U.S. Department of Labor (DOL) published its retirement security rule proposal. This proposal is the latest iteration of fiduciary and conflict of interest rules the DOL has attempted to promulgate over the past 13 years.
Below is a comment from FSI President & CEO Dale Brown regarding the proposal:
“While we continue to diligently and thoroughly review and analyze the rule, we are concerned about its potential negative impact on Main Street Americans’ access to financial advice as they save for retirement. The Department of Labor first pursued the fiduciary rule over a decade ago, and during this time, the regulatory standards and industry landscape have substantially evolved. The SEC has implemented Regulation Best Interest (Reg BI), and our members are committed to faithfully serving their clients and complying with Reg BI and all conditions in DOL PTE 2020-02. It is imperative that new regulations harmonize with Reg BI. Introducing more conflicting regulations would be unnecessary and could potentially hinder middle-class Americans’ ability to achieve a financially secure retirement.”
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 over 80 independent financial services firm members and their 130,000+ 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.
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