Department of Labor Fiduciary/ Conflict of Interest Rule
The U.S. Department of Labor (“DOL”) recently announced a final rule that expands the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974 (ERISA). As a result, additional entities, including some broker-dealer agents and insurance producers, will be held to a fiduciary standard. Though the final rule was announced on April 6, 2016, the “applicability date” of the rule is delayed until April 10, 2017.
More information about the DOL Fiduciary/Conflict of Interest Rule is available on the DOL website.