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Industry Spotlight > Broker Dealers

Foes, backers weigh in on fiduciary rule delay (Pensions & Investments)

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The Department of Labor has decided to rethink its ongoing efforts to establish rules regarding just who is (and who is not) a fiduciary, a proposal which may have had many unintended consequences, according to those in the financial services industry.

The proposal, which was to have come into effect next year, was pushed back into study phase partially as the result of active lobbying on the part of the industry, with almost 100 members of Congress offering their support.

Opponents worried that the broad scope of the rules would have detrimental impact on transactions ranging from 401(k) management to fund managers.

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