U.S. securities industry lobbyists say developing standards at the state level will result in conflicting requirements
The group argues that the proposed rule, as it stands, is too weak in certain respects and too ambiguous in others
Three states rush to defend regulations that require retirement investment advisors to put the interests of their clients above their own financial gain
Further comments on the rule invited during transition period
A new course defines procedural frameworks for advisors “based on fiduciary best practices”
The main purpose of the proposed delay to July 1, 2019 is to give the DOL more time to consider possible changes and alternatives to the rule’s provisions
But the DOL will continue to analyze the issues raised in a Trump administration order— and it’s possible the rule will face further changes
The obligation for advisors to provide retirement advice that puts clients’ best interests first will now kick in on June 10
Despite a new review, many changes will remain as insurers have “invested meaningful resources” in preparation, Fitch report suggests
State regulators lobby for establishing a fiduciary duty standard