DoL proposes a fiduciary rule replacement that would buttress SEC’s Reg BI
July 1, 2020 by Andrew Welsch
The Department of Labor, now led by the attorney who spearheaded the charge to vacate the fiduciary rule two years ago, is rolling out a replacement for the defunct regulation.
The proposed rule governing advice in retirement accounts is a nod to the SEC’s Regulation Best Interest, with which the Labor Department says it will align its rulemaking. The agency’s proposal will adhere to a best interest standard and provide Americans with “more choices for investment advice arrangements,” Secretary of Labor Eugene Scalia said.
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