Labor’s fiduciary proposal is confusing, FINRA says

The way the U.S. Labor Department’s proposed fiduciary rule is written would trigger confusion across the retirement industry, according to a comment letter by the Financial Industry Regulatory Authority. “These ambiguities will necessitate interpretive guidance on a wide array of issues, which the Preamble does not provide. … This fractured approach will confuse retirement investors, financial institutions, and advisers,” FINRA wrote. Reuters (7/17), InvestmentNews (free registration) (7/18), ThinkAdvisor (7/17)