IRI Issues Statement on Fiduciary Standards InitiativesNewsPress Release added by Catherine Weatherford on November 1, 2013
Cathy Weatherford

Catherine Weatherford

Washington, DC

Joined: January 07, 2011

Washington, D.C. – The Insured Retirement Institute (IRI) released the following statement from I RI President and CEO Cathy Weatherford following the U.S. House of Representatives passage of the Retail Investor Protection Act (H.R. 2374).

“This bill has put the spotlight on rulemaking taking place at the SEC and the Department of Labor regarding fiduciary rules for financial professionals. The Dodd-Frank Wall Street Reform Bill directed the SEC to study the need for a uniform standard of care for investment advisers and broker-dealers. The study concluded that the SEC should implement a uniform fiduciary standard, and the agency is now working to harmonize these standards. Meanwhile, the Department of Labor is working on its own accord to revise the definition of a fiduciary under ERISA. Without proper coordination, and without knowing what the SEC’s harmonized rule will be, there could be a scenario where there are two conflicting rules and unintended consequences for providers of financial information as well as their clients. We will continue to have a constructive dialogue with regulators regarding these issues to ensure that consumers can continue to access information about their retirement plan options.”

Contact:
Andrew Simonelli
asimonelli@irionline.org
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Press Release