The Department of Labor got it right striking a balance between new protections for consumers with additional burdens on the industry
Best Interest Contract Exemption was the fulcrum of the Department of Labor Fiduciary Rule, but the Rule was shot down by the courts.
Department of Labor Fiduciary Rule proposed that every person who provides retirement advice to individuals or plans be a fiduciary.
The Fiduciary Rule from the DOL, which was halted by the Courts, would have put more responsibilities on the financial industry.
The 5th Circuit Court of Appeals ruled on March 15 that the Department of Labor overstepped its bounds in creating the so-called fiduciary rule, parts of which went into effect last year.