ACLI, NAIFA Issue Joint Statement on Court's Fiduciary Rule Decision

The Fifth Circuit Court of Appeals vacated the Department of Labor's fiduciary rule in a split decision that overturned a Dallas district court decision upholding the rule.

ACLI President Dirk Kempthorne and NAIFA CEO Kevin Mayeux issued a joint statement that contained the following:

“The U.S. Fifth Circuit Court’s decision on the Labor Department’s fiduciary regulation is a win for Americans preparing for retirement. 

“The department’s fiduciary regulation has harmed small and moderate retirement savers by restricting or eliminating access to retirement products and services, creating an advice gap for those most in need of help.  

“The court’s decision will help ensure that retirement savers maintain access to a wide range of financial planning services and products, including annuities, which are the only financial products in the marketplace that guarantee lifetime income. 

“While we agree with the decision, we recognize that the courts are not the appropriate forum for policymaking. ACLI and NAIFA support reasonable and appropriately tailored rules that require all sales professionals to act in the best interest of their customers.

“To that end, we look forward to working with state insurance regulators, the Labor Department, SEC, FINRA and Congress on a harmonized and uniform best interest standard of care for investment advice. A collaborative approach would ensure all consumers receive retirement savings information and related financial guidance from financial professionals acting in their best interest, regardless of the retirement products they purchase.”
 
  • Posted March 15, 2018 IN


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