A large faction of financial services and insurance industry stakeholders have asked the Labor Department to delay implementation of the fiduciary rule beyond the proposed 60 days.
The Securities Industry and Financial Markets Association, Spark Institute, National Association for Fixed Annuities, and the Insured Retirement Institute are among the industry organizations lobbying for a 180-day delay of the rule's April 10 implementation date. The American Retirement Association has requested the first implementation date be delayed until January 1, 2018.
In comment letters to the Labor Department, the trade groups argue that the economic and legal analysis of the rule ordered by the White House will take longer than the proposed 60-day delay. The comment period for the proposed delay closed March 17.
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