Bloomberg Law
Feb. 12, 2021, 4:05 PMUpdated: Feb. 12, 2021, 9:36 PM

Biden DOL Will Allow Fiduciary Rule Rewrite to Take Effect (1)

Austin R. Ramsey
Austin R. Ramsey

The U.S. Labor Department will allow the former administration’s controversial fiduciary rule rewrite—broadening the kinds of retirement plan investments from which financial advisers can profit—to take effect later this month.

The rule, part of a package that reinstated a 1975 five-part test for determining whether a fiduciary is providing investment advice, was key to the Trump administration’s regulatory overhaul easing restrictions on financial advisers.

Industry insiders said they expected the Biden DOL to roll back and toughen the rule.

The Employee Benefits Security Administration said Friday that it will publish in the coming days guidance related to the rule ...