IRI Issues Statement on Department of Labor Announcement

WASHINGTON, Nov. 27 -- The Insured Retirement Institute issued the following statement by President and CEO Cathy Weatherford in response to the official announcement by the Department of Labor of an eighteen-month delay of the applicability date for full implementation of the fiduciary rule:

"The Insured Retirement Institute commends the Department of Labor for issuing an eighteen-month extension on full implementation of the fiduciary rule. Evidence gathered since the June 9th partial implementation has demonstrated that consumers are being adversely impacted by this rule. This delay will allow the DOL to take the time it needs to determine how to revise the rule to prevent these adverse effects from continuing.

"IRI has long supported the establishment of a best interest standard of conduct that preserves access to affordable financial advice and a wide array of lifetime income products. As evidenced by the comments submitted to the DOL by IRI and numerous other interested parties, the fiduciary rule has proven to be overly burdensome and complex, and has made it increasingly difficult for Americans to access affordable advice from financial professionals.

"IRI remains committed to working with the DOL, as well as the Securities and Exchange Commission, the Financial Industry Regulatory Authority, Members of Congress, the National Association of Insurance Commissioners and individual state insurance regulators, and all other appropriate regulators and policymakers to help formulate a workable standard."