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DOL fiduciary rules delayed until August

The DOL's Thomas Perez has been meeting with senators over the past month to try and bring them over to his way of thinking: that anyone who gives investment advice to retirees should be held to the same high standards.

By Paula Aven Gladych | Updated on December 27, 2013
DOL chief Thomas Perez. (Photo: AP)

The re-release of the Department of Labor’s fiduciary rules will be delayed until August so that Labor Secretary Thomas Perez can work closely with both sides of the political aisle to come up with new fiduciary rules to govern the financial advisors who work within the retirement space. The original release date for the rules was in the spring.

The department announced the delay late last month. The sticking point on the fiduciary rules is that, for the first time, brokers who sell IRAs would have to follow the same investment advice standards as registered investment advisors.

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