The first morning of the Department of Labor's public hearing on its proposed conflict-of-interest rule brought attention to a provision that could protect advisors from the plaintiffs bar, a group that DOL opponents say would benefit if the rule is finalized.

The proposed rule, which attempts to create a best-interest standard of care by imposing fiduciary requirements on nearly all advisors to IRAs and 401(k) plans, includes language which is consistent with existing policy under the Financial Industry Regulatory Authority, the broker-dealer industry-funded watch dog that litigates regulations violations through arbitration panels.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.