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Six Months Later and It's Now Clear the Current DOL Fiduciary Proposal Worsens Investor Protections
Fiduciary News; free registration requiredLink to more items from this source
Sept. 15, 2015
"Ironically, while promoted with much fanfare as a needed regulatory improvement to help protect retirement savers, the DOL's proposal may serve only to confuse the issue further.... Unfortunately, the DOL's proposed Conflict-of-Interest Rule, by allowing brokers to continue engaging in self-dealing conflict-of-interest while giving them the opportunity to also call themselves 'fiduciaries,' removes that singular advantage that RIAs have had.... Since it supports their end-of-the-work-as-we-know-it thesis, the brokerage industry seeks to emphasize the 'half-empty' aspect of the proposal. But it is the 'exemption' that offers the half-full side of things. In fact, the exemption language is big enough to drive a truck-load of conflicts-of-interest through."

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