Senator raises concerns about DOL's fiduciary rule

04/24/2012 | InvestmentNews (free registration)

The Department of Labor has been working on a fiduciary standard for those who give investment advice, with opponents calling for a cost-benefit analysis of proposed changes. "From a cost-benefit [standpoint], you can't justify" the new rules, said Sen. Saxby Chambliss, R-Ga. He argued that the DOL is targeting a nonexistent issue. "The customer was not complaining," he said. "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."

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