Fiduciary rule delay now final
The Department of Labor released a final rule Monday that would delay implementation of the enforcement mechanisms of its fiduciary duty regulation until the middle of 2019, Investment News reported. The rule would postpone from Jan. 1, 2018, to July 1, 2019, the applicability of a legally binding contract between brokers and retirement account clients that requires brokers to act in their best interests, among other disclosure provisions and prohibited-transaction exemptions being pushed back. The Consumer Federation of America, an advocate for the rule, asserted that delay means death for the regulation. The DOL said it needs the extra time to conduct a reassessment of the rule’s impact on retirement advice that was ordered by President Donald Trump.