DOL unrepentant after fiduciary rule plaintiffs prevail on injunction
July 29, 2024 by John Hilton
For the better part of a decade, the Department of Labor has tried to extend fiduciary status to insurance agents, among others. One day after a Texas judge granted a preliminary injunction freezing its current rule, a DOL spokesperson said regulators continue to believe in the strategy.
“When investors get advice from a trusted financial professional about their retirement savings, they expect that advice to be in the customer’s best interest, not the financial professional’s,” the spokesperson said in a statement.
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