DOL on a ‘crusade to ban commissions’ with fiduciary rule, speaker claims
January 17, 2024 by John Hilton
Commissions-based compensation is the backbone of the independent distribution of insurance products and is threatened by the proposed Department of Labor fiduciary rule.
And that is the DOL’s intent, said Marc Cadin, CEO of Finseca, who testified Wednesday at a House Capital Markets Subcommittee hearing on the rule.
“The department is on an ideological crusade over the last 13 years to effectively ban commissions,” Cadin said.