Wading through the BICE paperwork

October 10, 2016 by Ed McCarthy

On Sept. 6, Boston-based DALBAR Inc., a financial services market research firm, released a briefing paper, “The Work Behind BICE Paperwork: What You Will Actually Have to Do” (available here).

The paper details how the Best Interest Contract Exemption (BICE) provisions within the DOL fiduciary rule create a significant challenge for financial institutions and advisors, and highlights the activities required to avoid compliance problems.

Increased Litigation Risk

In order to avoid prohibited transactions, BICE-adopters must “communicate commitments, promises and disclosures to qualify for relief,” the study notes. 

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Originally Posted at LifeHealthPro on October 10, 2016 by Ed McCarthy.