SEC poses biggest threat to DoL fiduciary rule

Author: John Crabb | Published: 8 Aug 2017

The US Department of Labor’s (DoL) recently enacted fiduciary duty rule is under immense pressure from seemingly every angle as its opponents look to modify it as soon as possible.

The Securities and Exchange Commission (SEC), Congress’s Education and the Workforce Committee, a number of financial and insurance groups, and of course President Trump and his administration, are all actively looking at ways to repeal, replace or improve the rule. But firms across the US have already begun making changes to comply with the rule – so despite the increasing pressure, it may already be too late to return to the status quo.

Last week the SEC confirmed its intention to coordinate the fiduciary rule process across the two agencies, following its June 1 request for comment. Chairman Jay Clayton said he felt a unified and cooperative approach between the SEC and the DoL to regulate fiduciary matters would...



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