New Group Forms to Fight DOL Rule

Annuity proponents have formed a new group to campaign for protecting fixed annuities in the ongoing battle over the Department of Labor fiduciary rule.

The newly formed group, the Fixed Annuity Consumer Choice Campaign, or FACC Campaign, is led by Dwight Carter, President of Financial Security Associates and chairman of the new organization, and Kim O’Brien, a well-known annuity advocate.

Its primary emphasis is pushing for permanent placement of fixed indexed annuities under the 84-24 Exemption with other fixed annuities. It also seeks to guide industry destiny by considering best practices to be used in complying with PTE 84-24 or whatever exemption is fashioned for fixed annuity products.

“We call it a campaign because we are singularly focused on protecting fixed annuities through both the regulatory and political process,” Carter said. “We know it’s now or never for both our agents and our clients so we felt it was important to put together this very focused initiative.”

The FACC Campaign is weighing in on the Labor Department’s proposed extension of the transition period to July 1, 2019 with a petition drive. It is urging agents to sign a letter of petition addressed to Secretary Alexandra Acosta which is posted on the organizations website at fixedannuitychoice.com.

“Our Industry needs to come together, take action and sign this Petition to make sure FIAs are treated like all fixed annuities and aren’t lumped in with securities products,” O’Brien said. “The best way to do that is through grassroots efforts so the Department can better appreciate who we are and what annuities do.”

O’Brien indicated the petition was sent out to thousands of agents and is being kept open for signing. They have already gathered over 1800 signatures, she added.