Financial advisers are gearing up for round two in a fight against the US Labor Department over 401(k) fiduciary investment advice standards, this time armed with key federal court victories and new state and federal rules.
The department is drafting new regulations (RIN: 1210-AC02) that are expected to broaden the definition of an investment advice fiduciary as it applies to retirement plans, extending regulatory controls outside traditional private-sector employer-sponsored pensions into banking and insurance products.
It’s the latest development in a 13-year saga over the reach of strict fiduciary standards of conduct that threaten to upset the types ...
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