Retirement savings: Rule is delayed that would force advisors to do the best thing for their clients
The Labor Department is formally proposing to delay the implementation of the so-called fiduciary rule, a key consumer protection championed by President Barack Obama and others.
The rule requires retirement advisors to put their clients’ best interest first, but industry groups don’t like the regulation and argue that it limits consumers’ investment choices. It is supposed to take effect April 10, but the new proposed start date will be June 9.
There is a 15-day comment window on the delay. President Donald Trump signed an executive order in February directing the Labor Department to review the regulation, and a 45-day comment window for that is already underway.
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