Regulatory & Compliance | 11.08.23
The Insurance Industry Really Doesn’t Like the DOL’s Proposed Rule
by: Emile Hallez
The U.S. Department of Labor explained that financial professionals who make one-time recommendations for rollovers from 401(k) plans to annuities will not get a free pass on fiduciary status. In comments, President Joe Biden called out annuity sales in particular, noting that some advisors are “putting their self-interest ahead of their clients’ best interest. And they’re scamming Americans out of hard-earned money.” The American Council of Life Insurers said that Biden conflated “legitimate retirement costs with junk fees,” which “is a scare tactic to push regulations that will hurt Americans in need of greater financial certainty.”
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