State securities regulators discovered gaps in the firm’s supervisory process, when customers moved from brokerage to advisory accounts and the financial services firm implemented new policies in response to the now-defunct fiduciary rule.
Improving retirement security in America has been one of the things that has had wide bipartisan support recently, and now Republican control of the Presidency, House, and Senate could make passing retirement legislation easier, says retirement industry insider David Blanchett.
The DOL has “shared information with class action law firms to give them a leg up in federal litigation,” House Committee Chair Rep. Virginia Foxx wrote to the DOL’s Inspector General.
The Department of Labor’s ESG rule that permits environment, social and governance factors to be considered when selecting investments took effect in 2023, but was quickly challenged in court by 25 GOP-led state attorneys general.
While some of the more objectionable features of the proposed MHPAEA regulations were not finalized, their basic structure remains fully intact, including provisions that employers found most burdensome.
Sen. Elizabeth Warren's new report, "Cancun, Cruises and Cash," found that "perks and kickbacks" allow fiduciaries to work against the best interests of "Americans who work hard and save for retirement."
The DOL's new Retirement Security Rule, which had been set to become effective Sept. 23, will remain on hold as appeals will be heard by the 5th Circuit, which blocked the previous Obama-era fiduciary rule.