U.S. Department of Labor extends fiduciary rule implementation date
The U.S. Department of Labor is proposing an extension of the applicability dates of the fiduciary rule and related exemptions implemented by the Obama administration, including the “best interest contract exemption,” from April 10 to June 9.
The announcement follows a memo issued by President Donald Trump on Feb. 3, which directed the DOL to examine the fiduciary rule to determine whether it might adversely affect the ability of Americans to gain access to retirement information and financial advice.
The proposed extension is intended to give the department time to collect and consider information related to the issues raised in the memorandum before the rule and exemptions become applicable.
The department will accept public comments on the proposed extension for 15 days following its publication. Comments on issues raised in the presidential memorandum will be accepted for 45 days.
The DOL fiduciary rule, which was created under the Obama administration, was designed to protect the client's best interests, avoid conflicts of interest and offer transparency about compensation and fees.
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