NAIFA Applauds DOL on Decision to Withdrawal Fiduciary Rule
Contacts:
Mark Briscoe
Senior Director of Strategic Communications
703-770-8111
Falls Church, Va. (Sept. 19, 2011) – The National Association of Insurance and Financial Advisors released the following statement from NAIFA President Robert Miller on the announcement that the U.S. Department of Labor's Employee Benefits Security Administration will re-propose its rule on the definition of a fiduciary.
“NAIFA is gratified that the Department of Labor has decided to re-propose its fiduciary rule and clarify what types of investment information and fee arrangements will be exempted. We look forward to reviewing the new proposal with a singular focus on ensuring that middle-market investors continue to have access to affordable professional investment guidance for their retirement planning.”
NAIFA will work with DOL to ensure that any new proposal adequately protects consumer access to retirement savings products and services while ensuring that consumers receive investment advice of the highest quality and reliability. As NAIFA indicated in previously submitted comments to the department, any DOL proposal should:
- Not extend ERISA-based regulation to individual retirement arrangements (IRAs),
- Include a robust seller’s exception to ensure retirement investors do not lose access to investment recommendations from broker-dealers and their representatives, and
- Not contradict the provisions of Dodd-Frank specifying that receipt of commissions and sales of proprietary products are not intrinsically fiduciary violations.
About NAIFA: NAIFA comprises more than 600 state and local associations representing the interests of approximately 200,000 agents and their associates nationwide. NAIFA members focus their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. The Association’s mission is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members.
NAIFA, 2901 Telestar Court, Falls Church, VA 22042-1205 | 877-866-2432 |