After years of delays and uncertainty, it now appears that the Department of Labor will officially unveil its revamped fiduciary standard in January, according to an update of the Office of Budget and Management's regulatory agenda.
The DOL's first effort to advance a uniform fiduciary standard across the financial services industry was made in October of 2010. It was withdrawn amid fierce financial-industry backlash.
The fiduciary rule, which the DOL is now calling the "Conflict of Interest Rule," would redefine the term fiduciary to more broadly include anyone giving investment advice to individual investors, IRA owners and retirement plans.
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