03.07.24
FSI Sues DOL Over Independent Contractor Rule
by: Leo Almazora
The Financial Services Institute (FSI) is suing the U.S. Department of Labor (DOL) over a rule that it says creates uncertainties for its members. The complaint concerns the 2024 Independent Contractor Rule, which the DOL published on January 10 and which took effect on Monday. FSI President and CEO Dale Brown said the new rule is a step back from its previous 2021 Independent Contractor Rule, which he said offered “much-needed certainty and clarity” for financial advisors. The key difference between the 2021 and 2024 independent contractor rules involves an “economic reality” test that uses several factors to determine whether someone is a contractor or an employee.
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