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.
Eighty-nine percent of investment professionals say heavy documentation demands affect their ability to efficiently produce thorough, timely records. The same 89 percent say compliance demands limit their ability to get “face time” with clients.
The Department of Labor fiduciary rule might be history, but it leaves new interpretations behind, along with some paperwork, a leading regulatory law firm says. The rule’s impact is sure to be felt for some time to come.
A federal appeals court finally issues a final mandate officially killing the Department of Labor fiduciary rule after a long delay. The action leaves the SEC Regulation Best Interest as the main rule proposal to regulate financial advice.
A judge within the Fifth Circuit Court of Appeals is likely pushing for a full judicial review of the March 15 decision to toss the DOL fiduciary rule, one lawyer says. The court continues to delay issuing a final order that would officially kill the DOL rule.
The Securities and Exchange Commission’s Regulation Best Interest is drawing heated opposition from an interesting coalition of allies. But Chairman Jay Clayton insists that the agency will not be deterred in its rulemaking efforts.
The federal government will not appeal a court ruling tossing the Department of Labor fiduciary rule. The Trump administration had until the end of Wednesday to appeal the decision to the Supreme Court.
The Fifth Circuit Court of Appeals hasn’t yet issued a final mandate officially killing the Department of Labor fiduciary rule. The ACLI asked the court today to issue the mandate as soon as possible.
The National Association of Insurance Commissioners are meeting in Kansas City Thursday and Friday in the hopes of finalizing a best-interest model law. The group hopes to take a model law to the states for adoption.
The 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.
