After years of delays and uncertainty, it now appears that the Department of Labor will officially unveil its revamped fiduciary standard in January, according to an update of the Office of Budget and Management's regulatory agenda.
The DOL's first effort to advance a uniform fiduciary standard across the financial services industry was made in October of 2010. It was withdrawn amid fierce financial-industry backlash.
The fiduciary rule, which the DOL is now calling the "Conflict of Interest Rule," would redefine the term fiduciary to more broadly include anyone giving investment advice to individual investors, IRA owners and retirement plans.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
