(Reuters) – It took the Department of Labor three tries to adopt new rules for brokers and financial advisers who sell retirement-related products. As Reuters reported when the new policy was adopted last April, the Labor Department’s previous attempts in 2010 and 2015 met with such an outcry from the insurance, brokerage and investment advisory industries that proposals were pulled out of consideration and revised. And, of course, finance professionals aren’t the only stakeholders in the regulation of retirement investment advisers. It is safe to say that millions of people are impacted by the new regulations, which, among many other things, require brokers to act in the best interests of their clients, rather than just assuring that brokers’ products are suitable for their clients.
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And besides, Better Markets said, public interest groups are best equipped to make sure the judge has all the information he needs to weigh the public interest prong of the test for a preliminary injunction.
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To read the full Reuter’s blog by Alison Frankel click here.
