DOL Likely To Revisit A True Fiduciary Standard, Experts Say

November 2, 2021 by John Hilton

The Department of Labor is certain to take another crack at establishing a true fiduciary standard, a pair of experts agreed Wednesday.

Speaking during the LIMRA virtual annual conference, Fred Reish, partner at Faegre Drinker Biddle & Reath, and Phyllis Borzi, former assistant secretary for Employee Benefits Security at the DOL, said the writing is on the wall.

“Number one is to simplify the definition of fiduciary advice such that any recommendation of a financial product to a retirement account is fiduciary advice,” Reish said in summing up what the DOL is likely working on.

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Originally Posted at InsuranceNewsNet on October 28, 2021 by John Hilton.