Criticism of the Department of Labor’s proposed fiduciary rule has been hot and heavy— first during the comment period, and now in testimony from the financial industry— and the Investment Company Institute was just the latest to pile on.

The DOL-proposed standards are taking heavy flak from financial companies and trade groups—criticisms that began even before testimony started—although consumer advocates are weighing in in favor of provisions that they say are necessary to protect consumers and improve people’s chances of saving enough money for retirement.

In testimony, ICI came out strongly against the validity of the DOL’s Regulatory Impact Analysis and also expressed concern that adoption of the rules would result in “a loss of investment advice for many IRA investors, especially those with low- to moderate-incomes.”