Economy
Related: About this forumCourt Overturns Obama-Era Rule on Retirement Planners.
'A federal appeals court ruled on Thursday that the Department of Labor overstepped its authority when it wrote a rule that required financial professionals, including brokers and insurance agents, to put their customers financial interests ahead of their own. . .
That times have changed, the financial market has become more complex, and I.R.A. accounts have assumed enormous importance are arguments for Congress to make adjustments in the law, or for other appropriate federal or state regulators to act within their authority, the majority wrote in their opinion. A perceived need does not empower D.O.L. to craft de facto statutory amendments or to act beyond its expressly defined authority.
The strongly worded decision is not necessarily the end of the fiduciary rule, lawyers said, but its future is highly uncertain.
Even though the Trump administration is not a strong supporter of the fiduciary rule, it will likely continue to defend the fiduciary rule against legal challenges, said Marcia S. Wagner, an employee benefits lawyer.'>>>
https://www.nytimes.com/2018/03/16/business/fiduciary-rule-retirement-planning.html?
Sanity Claws
(21,852 posts)We need protection from financial professionals who may not be acting in the clients' best interests but why is this a rule from DOL? The obligations of financial professionals fall under other agencies.
elleng
(131,072 posts)Gotta do some research to get a complete answer, but the above is in the article.
mahatmakanejeeves
(57,580 posts)elleng
(131,072 posts)I knew someone would be on top of this! I WAS too, in years passed!
Gothmog
(145,487 posts)elleng
(131,072 posts)Gothmog
(145,487 posts)I will read over the weekend
'A perceived need does not empower D.O.L. to craft de facto statutory amendments or to act beyond its expressly defined authority.'