As CEOs Meet With Acosta to Lobby DOL on Fiduciary Rule, Warren Urges DOL to Consider Statements CEOs Made to Investors
Originally scheduled to go into effect in April of this year, the Trump administration delayed implementation of the Fiduciary Rule's impartial conduct standards until
"Such a delay would endanger billions of dollars in Americans' hard-earned retirements savings, and, if you enact the delay, it would ignore the preparation and positive outlook on the rule that many financial services and insurance companies have repeatedly expressed," wrote
Although lobbyists for the financial services and insurance industries have repeatedly made alarmiclaims about the rule's effects on businesses and investors, earnings calls from more than a dozen major companies held after the impartial conduct standards went into effect reveal that companies were well-prepared for the rule's implementation, compliance is not overly burdensome, and the rule was consistent with companies' goals of putting their clients' interests first. Additionally, multiple companies noted that the delays have caused a great deal of uncertainty that would only be exacerbated by further postponement of the rule's full implementation.
* "We think that the idea of, of course, doing what's in the best interest of the customer is what's kept us in business for 100 years and it's a good idea." - Lincoln Financial President, CEO, and Director
* "Regarding the
* "...We implemented the first installation...And we think that actually is going to be positive overall in terms of the impact to the business divisions...." -
* "I do believe" that growth "has been negatively impacted by some of the uncertainty around the DOL rule, which unfortunately, to a certain extent, continues..." -
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