There was a quiet fanfare last Friday as the US Department
of Labor’s (DoL) fiduciary duty rule came into
effect following a two month delay. Far from ringing in a new
era of confidence, the hotly disputed rule continues to be
shrouded in uncertainty and the retirement sector is no less
confused than it was on April 10. In spite of the doubt, market
observers have strongly suggested investment funds take
necessary measures to comply with the ruling.
As outlined in an
IFLR article from February, President Trump showed his
dislike for the Obama-era rule – which mandates that
investors have to act in the best interest of those saving for
retirement –early into his tenure, issuing an
executive order on February 3 challenging the duty and calling
for a DoL review.
Newly appointed labor secretary Alexander Acosta provoked
the most recent bout of uncertainty in a recent op-ed in...