The U.S. Department of Labor may be postponing implementation of some fiduciary rule compliance rules and procedures, but it still expects retirement advisors to provide impartial advice, and to act in the best interests of consumers.
R. Alexander Acosta, the Labor secretary, testified Wednesday, at a hearing organized by the House Education and the Workforce Committee, that the DOL fiduciary rule is in effect, that the impartial conduct standards, or best interest standards, took effect June 9, and that the DOL's Employee Benefits Security Administration has the tools it needs to address material, willful violations of the standards.
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
