MetLife: Fiduciary Rule Threatens Ability To Advise Middle Class
July 31, 2015 by Bloomberg
(Bloomberg) — MetLife Inc. said its dual roles of offering retirement products and advising customers are threatened by a U.S. Labor Department proposal that was designed to make sure savers’ interests are put first.
“Without substantial modifications, the proposal could force companies such as MetLife to choose between manufacturing individual annuities and distributing,” Chief Executive Officer Steve Kandarian said on a conference call Thursday.
President Barack Obama’s administration says new rules are needed so that savers won’t be pushed into high-fee products by brokers who make commissions on the sales from banks or insurers.
Originally Posted at InsuranceNewsNet on July 30, 2015 by Bloomberg.
Categories: Industry Articles
