Trump-appointed judge will hear lawsuit against DOL fiduciary rule
A Trump-appointed judge will hear the first lawsuit to challenge the Department of Labor’s fiduciary rule, due to take effect in September.
Trade group files first lawsuit against the DOL fiduciary rule
The Federation of Americans for Consumer Choice filed a lawsuit in a Texas federal court Thursday to stop the Department of Labor fiduciary proposal from taking effect.
‘Major changes’ required of producers under DOL fiduciary rule: analyst
It will require “major changes” from insurers on down for independent producers to get into compliance with the Department of Labor’s new fiduciary mandate by September, a leading analyst said.
Fiduciary rule to take effect Sept. 23, setting stage for major changes, legal battle
Department of Labor officials ushered in what is sure to be a fierce, and lengthy, legal battle today with a preview of its long-awaited, and industry despised, Retirement Security Rule.
Trade groups express concern about regulatory process on DOL fiduciary rule
A group of 11 industry trade associations sent a letter to the U.S. Department of Labor and others expressing concerns about the regulatory process with regard to the Department of Labor’s proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary.”
OMB completes review of Labor Department’s polarizing fiduciary rule
The White House Office of Management and Budget announced that it has concluded a review of the Department of Labor’s controversial fiduciary rule.
DOL fiduciary rule proposal to restrict, ban some producer compensation
Department of Labor regulators are targeting producer compensation with their latest attempt to establish a blanket fiduciary standard.
DOL fiduciary rule would bring ‘massive change’ to industry, analyst says
While the Department of Labor fiduciary rule proposal might be a long ways from becoming settled law, it brings the potential for “massive” change to the industry, an labor lawyer said Thursday.
California legislators again consider best-interest annuity sales bill
A California Assembly committee finally released a best-interest annuity sales bill favored by industry lobbyists this week, but not everyone is happy the bill is back on track.
Oxford Economics study: DOL fiduciary rule price tag is $2.7B in year one
A study commissioned by the Financial Services Institute finds that the Department of Labor fiduciary rule proposal would cost firms $2.7 billion to implement.
Robinhood agrees to $7.5M penalty to settle ‘gamification’ charges
Online brokerage Robinhood will pay a $7.5 million fine in a settlement with Massachusetts’ securities regulators, who say that it encouraged inexperienced investors to place risky trades.
Lobbyists race to make best interest a blanket standard in final few states
Forty-one states operate under new best-interest annuity sales standards based off a model put forth by the National Association of Insurance Commissioners.
DOL on a ‘crusade to ban commissions’ with fiduciary rule, speaker claims
Critics, and a few supporters, of the Department of Labor fiduciary rule proposal aired their complaints Wednesday at a House Capital Markets Subcommittee hearing.
DOL fiduciary rule critic to lead House committee hearing on proposal
The House Capital Markets Subcommittee will hold a hearing at 10 a.m. Wednesday on “Examining the DOL Fiduciary Rule: Implications for Retirement Savings and Access.”
Deadline passes with over 19k comments on DOL fiduciary rule proposal
The Department of Labor wrapped up a relatively quick comment period Tuesday on its controversial fiduciary rule. Critics called on the DOL to withdraw the rule.
Here we go again! DOL proposes new fiduciary rule
The Department of Labor is trying for the fourth time to extend fiduciary duty to virtually all annuity sellers. Industry critics are spoiling for a fight. So what’s in this rule?
NAIC ‘greatly disappointed’ in DOL diss of state annuity sales rules
The National Association of Insurance Commissioners reminded the DOL that states have the right to regulate insurance and the fiduciary rule is a bad fit.
DOL fiduciary rule comments number 14,000+ as opposing views harden
Federal regulators are releasing a steady trickle of the more than 14,000 public comments on the Department of Labor’s contentious fiduciary rule proposal.
Trade groups: keep life insurance out of Mass. proposal banning ‘junk fees’
The Massachusetts AG is proposing regulations to prohibit hidden “junk fees,” but trade associations say life insurance and annuities need to be exempted.
