A large faction of financial services and insurance industry stakeholders have asked the Labor Department to delay implementation of the fiduciary rule beyond the proposed 60 days.
The Securities Industry and Financial Markets Association, Spark Institute, National Association for Fixed Annuities, and the Insured Retirement Institute are among the industry organizations lobbying for a 180-day delay of the rule's April 10 implementation date. The American Retirement Association has requested the first implementation date be delayed until January 1, 2018.
In comment letters to the Labor Department, the trade groups argue that the economic and legal analysis of the rule ordered by the White House will take longer than the proposed 60-day delay. The comment period for the proposed delay closed March 17.
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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.
