FSI, SIFMA join federal lawsuit to overturn DOL fiduciary rule
July 16, 2024 by Doug Bailey
The Financial Services Institute (FSI) and the Securities Industry and Financial Markets Association (SIFMA) have joined a federal lawsuit that seeks to overturn a recently finalized Department of Labor rule that broadens the definition of a “fiduciary” and, according to the plaintiffs, endangers investors’ access to essential advice and education.
The legal complaint asserts that the new rule mirrors a 2016 DOL regulation that was invalidated by the Fifth Circuit Court of Appeals in 2018. “Like the 2016 Rule, the 2024 Rule is inconsistent with the common law, contravenes the statutory text, and impermissibly attempts to regulate the provision of services to accounts over which the Labor Department has no regulatory authority.
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