Chairman Scott Issues Statement on Labor Proposal on Retirement Savings
"As we continue to confront the worst public health emergency and economic crisis in recent history, the
"While many advisors have their retirement clients' best interests in mind, unethical ones have put their own profit motives ahead of their retirement clients' interests. According to the
"After delaying the Obama-era rule and then refusing to defend it in Court, the Trump administration is now turning back the clock and reinstituting a deficient standard that fails to protect retirement savers. In doing so, this administration is choosing to side with unethical advisors and moving the Department away from its mission to assure workers' retirement security.
"The Department should abandon this proposal and start over. Workers and their families planning and saving for a secure retirement deserve far better."
Bank Policy Institute Calls on FDIC to Apply Regulatory Safeguards to ILCs to Protect Consumers & Mitigate Risk to Economy
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