Lawmakers, industry say DOL fiduciary rule could harm investors

06/24/2013 | Politico Pro (subscription required) · Hill, The

The Department of Labor's efforts to amend the definition of "fiduciary" as it applies to retirement accounts could lead to the loss of financial advice for low-income Americans, says Sen. Johnny Isakson, R-Ga. Isakson and Sen. Kay Hagan, D-N.C., are among members of Congress calling for the DOL to coordinate with the Securities and Exchange Commission on a new fiduciary standard. "Conflicting fiduciary standards could create confusion for retail investors, plan participants and consumers," Hagan spokeswoman Sadie Weiner said. FSI also is calling for the SEC and DOL to coordinate efforts for the sake of investor access and market stability.

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