US Judge Blocks New Fiduciary Rule Impacting Retirement Advisers
Sunday, 28 July 2024, 13:47
US Judge Blocks New Fiduciary Rule
A U.S. judge has intervened to block the Department of Labor's recent efforts to expand the definition of fiduciaries for retirement advisers.
Key Details of the Ruling
- The ruling determined that the new rule was arbitrary.
- It was found to be in conflict with the Employee Retirement Income Security Act (ERISA).
- The 'Retirement Security Rule' was unveiled in April, prompting challenges from various insurance groups.
Implications for Retirement Advisers
This decision signals significant potential changes for the retirement advisement landscape, sparking discussions in the financial sector about fiduciary responsibilities and compliance.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.