Advocates Demand No-Loophole Fiduciary Rule In DOL Letter

March 22, 2022 by Steven A. Morelli

This spring bears consumer advocates’ eternal hope that elements of the Obama-era fiduciary rule can be resurrected, squelching the loopholes that they say expose retirement funds to commission-seeking sellers.

More than three dozen organizations sent the Department of Labor a letter last week demanding an investment rule that would eliminate the exemptions that have allowed the sale of commission-based (“conflicted”) products with retirement money. They are calling for something more in line with the Obama-era conflicted advice rule, which was tossed by a court and blocked by congressional action.

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Originally Posted at InsuranceNewsNet on March 21, 2022 by Steven A. Morelli.