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Acting SEC Chairman Rips DOL Fiduciary Rule

March 6, 2017

Acting SEC Chairman Rips DOL Fiduciary Rule

March 3, 2017 | The DI Wire

Acting SEC chairman Michael Piwowar had strong words about the Department of Labor’s fiduciary rule at the Investment Adviser Association Compliance Conference on Thursday.

“I have a very nuanced view of the DOL fiduciary duty rule. I think it is a terrible, horrible, no good, very bad rule,” said Piwowar. “For me that rule was never ever about investor protection. To me, that rule, it was about one thing and it was about enabling trial lawyers to increase profits.”

According to the DOL fiduciary rule, all who provide retirement investment advice to plans, plan fiduciaries and IRAs are required to abide by a more rigorous “fiduciary” standard.

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