The Department of Labor fiduciary rule is dead, but financial professionals selling products to retirement accounts need to be aware of new interpretations of the “five-part test” standard. DOL officials plan to be more strict in interpreting the test going forward, one industry expert says.
Read moreThe Fifth Circuit Court of Appeals rejected a final appeal by a trio of states today, clearing the way for the Department of Labor fiduciary rule to be officially killed.
AARP is not giving up on its fight to restore the Department of Labor fiduciary rule. The lobbying group will file an appeal to keep the rule, which was tossed out by a New Orleans court last month.
The Massachusetts decision to charge Scottrade with Department of Labor fiduciary rule violations shows the lengthy reach of the DOL rule. Our Kim O’Brien explains the rule’s chilling potential.
New York finalized its best-interest standard for annuity and life insurance sales this week. The rules have industry officials concerned that a ‘patchwork’ of different rules across different states could make cross-state sales a nightmare of paperwork.
The Department of Labor fiduciary rule is gone, but regulation of independent marketing organizations (IMOs) is likely to continue. That reality is forcing IMOs big and small to evolve into a more hands-on role with financial professionals than in the past, execs say.
