While last week's proposed Department of Labor conflict of interest rule made substantial revisions to 2010's proposal, one carve out affecting providers of financial and investment education remained intact.
As with the DOL's initial effort, the new proposal states that providers of "information and materials that constitute 'investment education' or 'retirement education'" will not be considered fiduciaries under a new rule.
Though the consistency suggests regulators' desire to protect participants' access to financial education, at least one of those providers thinks the relatively safe provision of the rule is in need of further definition and clarification.
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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.
