When Do Companies Have to Comply With the DOL Fiduciary Rule?

The Fiduciary Rule-part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which sought to prevent the corrupt practices that led to the financial crisis of 2008-has faced delays before.

The Labor Department said the 60-day delay would give it time to complete the evaluation requested by Trump.

Advisers should abide by a "best-interest" standard for their clients, Financial Services Roundtable Chief Executive Tim Pawlenty said in a statement Wednesday, but "such a requirement should be implemented without miles of bureaucratic red tape". The move is expected to at least delay application of the rule, which is supposed to take full effect April 10.




The DOL is seeking a 60-day delay of the rule, to June 9. In a February 7 letter to Hugler, in which she compiled two dozen financial institutions' expressions of readiness for the implementation of the Fiduciary Rule, as well as their endorsements of the measure, Warren inveighed against the rule's removal. The Labor Department first introduced it in 2010, but the efforts have faced fierce resistance from industry groups and financial firms that argue it could raise legal costs for firms and leave savers with fewer choices.

During that time, the department said it will collect applicable information on the possible effects of rule, including public comments. According to a news release issued by the DOL, the proposal will be published on March 2, 2017 in the Federal Register, and the DOL indicated that it will accept public comments for 15 days following publication.

"We are already seeing the negative consequences of the rule on the marketplace with some firms announcing that they will no long offer certain products, others no longer offering any IRA brokerage accounts, firms reducing web-based financial education tools, and others announcing that advice to clients with lower balanced accounts will be discontinued", Bentsen added.

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