Fiduciary rule goals look suspiciously similar to SEC agenda, analyst says
November 14, 2023 by John Hilton
Oversight of fixed indexed annuities remains just beyond the reach of federal regulators, but the new fiduciary rule might be part of a coordinated effort to change that.
Brad Campbell, partner at Faegre Drinker, said the DOL’s message and goals align a little too neatly with a March complaint the Securities and Exchange Commission filed against a Massachusetts advisor for selling annuities.
Starting in 2014, Jeffrey Cutter generated more than $9.3 million in commissions from the sale of 580 annuities to his investment advisory clients, the SEC said.