United States:
US Financial Advisors Resist Regulators On Pensions Rule
10 December 2014
Fox Rothschild LLP
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Ernest Badway was quoted in the Financial Times
article, "US Financial Advisers Resist Regulators on Pensions
Rule." Full text can be found in the
November 27, 2014, issue, but a synopsis is below.
US financial advisers and investment providers are fighting
consumer protection rules that could possibly disrupt the way more
than $6.5tn of retirement products are sold.
However, the change proposed by the DoL, that staff at more than
30,000 financial planning and broking firms should meet a fiduciary
standard when advising on individual retirement accounts, is far
less drastic.
Ernest Badway explains that while the DoL can introduce a
new rule unilaterally, opponents can then be expected to challenge
it in the courts and through
Congress.
This article was also featured in HCP Live.
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