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...