Department of Labor Releases First Set of FAQs for the Fiduciary Rule

Oct 28, 2016

The Department of Labor has released its first set of frequently asked questions regarding the fiduciary rule and has promised these will be the first of several that will be published in the coming months.

In its blog post announcing the new FAQs, including a total of 34 questions and answers, the DOL reports that the questions were based on input received from the financial services industry and others. The blog post, authored by Phyllis C. Borzi, the assistant secretary of labor for employee benefits security, states: “These questions are an important part of the regulatory process as they allow the department to clarify important parts of the rule, and head off misunderstandings that could lead to bad results for retirement savers, or financial services professionals.”
Since the final fiduciary rule was announced in April, the financial industry’s most vocalized concern has been in regards to how the best interest contract exemption will be implemented. The first set of FAQs largely focuses on the BIC exemption.
Click here to read the DOL’s FAQs.
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