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Former EBSA head Phyllis Borzi is now an Edelman Financial Engines board member.

When the Labor Department unveiled its draft retirement investment advice rule recently, I was saddened but not surprised to see that it meekly capitulates to the financial services industry demand that their conflicted business models continue to be protected from transparency and accountability to the individuals and retirement plans that are their customers.

The department announced that it had designed its proposed rule based on the Securities and Exchange Commission’s Regulation Best Interest (Reg BI). But in deferring to the weak and ineffective SEC standard, the DOL has abandoned its more than 40-year commitment to retirement savers by setting aside its much stronger statutory mandate of requiring those providing investment advice to plans and individuals for a fee to be held to a strict fiduciary duty of loyalty and prudence.

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