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.

The letter was signed by officials of the Insured Retirement Institute (IRI), the Financial Services Roundtable (FSR) and the Securities Industry and Financial Markets Association (SIFMA).

It implied that there would be dire economic consequences for both the industry and investors if a fiduciary standard was imposed on the sale of investment products in retirement accounts under the Employee Retirement Income Security Act (ERISA).

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