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Labor, IRS extend enforcement policy on a fiduciary rule that no longer exists

The DOL will continue a non-enforcement policy with the fiduciary rule. Confused yet?

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DOL headquarters Even attorneys with experience in this area say the DOL field assistance bulletin on the fiduciary rule is confusing. (Photo: Mike Scarcella/ALM)

The Labor Department and Treasury Department will continue a non-enforcement policy with the fiduciary rule, as the U.S. Court of Appeals for the Fifth Circuit is expected to issue a mandate today enforcing its March decision to vacate the Obama-era regulation.

“The Department has concluded that financial institutions should be permitted to continue to rely upon the temporary enforcement policy,” regulators wrote in a field assistance bulletin released Monday morning.

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Nick Thornton

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.

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