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DOL Final Rule Contains a Litany of 11th Hour Concessions to Brokers That Show Wall Street Lobbyists Earned Their Keep
RIABiz Apr. 6, 2016
"[Secretary of Labor] Thomas E. Perez yesterday spoke to the press to lay out a dizzying array of points on which the DOL gave ground ... 'We eliminated the one-, five-, and 10-year-projections and we eliminated annual disclosures and streamlined other disclosures', he said ... [T]he deadline for full implementation for rules related to proprietary products and disclosures has been moved back an entire year -- with the deadline for implementation now Jan. 1 2018 as opposed to Jan. 1, 2017.... The DOL also gave ground on the use of proprietary products: the agency is now OK with their use by advisors.... The final rule ends the suspense about whether variable and indexed annuities will still be allowed in retirement plans.... The final rule also ends suspense about the fate of 12(b)1 fees. Neither they, nor the kick-backing 'revenue sharing' they facilitate, will be banned."
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