Three financial services industry trade groups are signaling to the Department of Labor they will fight tooth-and-nail to sustain the exemption of the sale of retirement investment products from a fiduciary standard.
In the most recent response, the IRI, SIFMA and the FSR warned that if the DOL imposes the fiduciary standard on ERISA-regulated products in the next version of its proposed rule and it becomes a final rule, the result “will be limited retirement planning help, as well as the guidance necessary to educate [investors] about the tax consequences of taking a withdrawal, loan or hardship distribution.”
It is unclear when the DOL will come out with its revised proposal.
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