Skip to main content

Newsroom

June 30, 2015

FSI Tells Lawmakers Why DOL Fiduciary Plan Is U.N.W.O.R.K.A.B.L.E.

“The Financial Services Institute is circulating a fact sheet to lawmakers to help explain how the Department of Labor’s fiduciary redraft is “unworkable.”

“FSI, noting that it has supported a uniform fiduciary standard, uses each letter in “unworkable” to explain the current redraft’s faults.

“The document — which FSI says has been well received on Capitol Hill — is a precursor to FSI’s “heavily detailed” comment letter that the independent broker-dealer trade group plans to submit to DOL in the coming weeks. The deadline for comments is July 21.

“Dennis Kelleher, president and CEO of Better Markets, countered that “contrary to FSI’s claims, the only thing ‘unworkable’ is a business model that puts brokers first and their clients second. That’s wrong, and that’s why America’s most prominent retiree, labor, consumer and financial reform advocacy groups are fighting for the DOL’s client first rule and why the industry will say and do anything to stop it. Americans deserve better. Their best interests should come first.”

***

Read the full Think Advisor article by Melanie Waddell here.

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today