Voya Financial, one of the biggest providers of retirement plans, has filed comments on the proposed fiduciary rule from the Department of Labor—and those comments are not full of praise.
"While we appreciate and agree with the DOL's interest in advancing the well-being of worker and retiree savings, we're concerned that the proposal, as it stands, would lead to unintended results that would limit consumer access to products, services and information," Charles Nelson, CEO of Retirement at Voya Financial, said in a statement.
The DOL's proposal not only redefines "fiduciary," it also would reclassify some of the communications from financial firms as investment advice. Voya takes issue with that, saying in a statement that "[s]uch a designation would likely limit or dramatically change valuable educational content because of the liability associated with fiduciary status."
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