Week InAdvance: August 10, 2015
- By: admin
- On: 08/10/2015 07:41:52
- In: Week InAdvance
The U.S. Department of Labor is scheduled to hold four days of hearings this week about a proposal to impose stricter standards on brokers who handle retirement accounts. Labor Secretary Thomas Perez told a Senate panel last month that his agency is considering industry feedback but insisted that current rules, largely enforced by the Securities and Exchange Commission, don't safeguard investors from high fees and greedy brokers. Large banks as well as mutual fund companies, independent brokers and insurers have opposed the proposal. They've said costlier regulations could take away investment options and limit access to advice for smaller investors. SEC Chair Mary Jo White said in March the agency would craft its own fiduciary standard rule, but has yet to reveal any proposal.
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