Finra brands DOL fiduciary rule misguided, confusing

A Labor Department proposal designed to reduce conflicts of interest for brokers working with retirement accounts would create overlapping regulations that would baffle financial advisers and investors, Finra said Friday. The rule would require brokers to act in the best interests of their clients in 401(k) and individual retirement accounts, a standard investment advisers currently meet. Although the Financial Industry Regulatory Authority Inc. supports the DOL’s goal, it said the measure does not incorporate existing securities laws and introduces ambiguous new concepts. More on Investment News here.

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