The Department of Labor is finished with its final rule mandating a 60-day delay in its controversial fiduciary rule.
The DOL sent the final rule to the Office of Management and Budget Tuesday. Once OMB reviews the rule and signs off, normally a short process, it will be published in the Federal Register and become effective.
That is expected to happen well in advance of the fiduciary rule’s April 10 applicability date.
By way of comparison, the DOL received 3,134 individual comments and 30 petitions on the fiduciary rule in 2015. Those comments were accepted from the time the tentative rule was published in April 2015 through Sept. 24 2015.
The fiduciary rule establishes a best interest standard of care for anyone working with retirement funds. It requires advisors and firms to make substantial disclosures or face class-action liability.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected].