Regulatory Outlook | 08.11.20
DOL's Fiduciary Rule Replacement Goes Too Far, and Not Far Enough: Critics
The DOL has heard an earful from industry groups, consumer advocates, and lawmakers about its new fiduciary proposal. The criticisms are wide-ranging, with industry groups warning that it will automatically impose a presumption of fiduciary status on financial professionals, while others blast the regulation for failing to enact meaningful consumer protections. Still others take issue with the process by which the Department of Labor advanced its proposal, with a 30-day comment period on the final rule ending August 6.
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