08.01.22
Worker Classification for Independent Financial Professionals: Big Changes Ahead?
by: Mark Quinn
The U.S. Department of Labor recently published a notice of its intent to propose new regulations regarding classification of workers, reviving a long-running debate about whether workers should be deemed employees or independent contractors (ICs). The percentage of IC representatives registered with the Financial Industry Regulatory Authority has increased considerably over the past 10 years, so this is an issue of some importance to financial professionals, writes Mark Quinn, director of regulatory affairs at Cetera Financial Group. "Contrary to popular belief, workers are not necessarily free to determine whether they are employees or ICs. That question is answered by applicable law and regulations."
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