Financial industry groups agree to help DOL with fiduciary regulation
By Paul Wilson
ProWEB Wire (Industry News)
Several financial services industry groups have agreed to help the Labor Department conduct a study on the potential effects of redefining fiduciary responsibility.
In a letter from the Financial Services Institute, the Financial Services Roundtable, the Securities Industry and Financial Markets Association and the American Council of Life Insurers, the groups thanked the DOL for the opportunity to provide input in the development of a regulatory impact analysis of the proposed change.
“We hope this expanded analysis will help provide appropriate direction to the department as you develop the re-proposed rule,” the letter said.
“We are pleased the administration wants to learn more about our industry so they can make an informed decision in the future,” said FSI President and CEO Dale Brown. “Hopefully we can meet soon and get started on the process.”
Criticism from industry groups led the Labor Department to withdrawn the original rule late last year.