Critics of Labor Department's fiduciary rule say costs surpass benefits

04/24/2012 | InvestmentNews (free registration)

Lawmakers and industry representatives who oppose a Labor Department fiduciary standard for retirement advisers say the cost of the pending rule would be unjustifiable. "The customer was not complaining. There are regulations that go too far and end up costing the client money. Those are the kinds of regulations we need to make sure are not imposed on the financial community," said Sen. Saxby Chambliss, R-Ga. The Labor Department has said it will issue a proposed rule this year, accompanied by a cost-benefit analysis.

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