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BSMG Blog: Protecting the Future of Families and Businesses

BREAKING NEWS: DOL Looking to Delay Fiduciary Rule for Another 18 Months

BREAKING NEWS 8/9/17: The Department of Labor announced today that they are seeking to delay the fiduciary rule until July 2019. "In a brief filed in a Minnesota lawsuit Wednesday, the DOL indicated it had submitted to the Office of Management and Budget a proposal to delay the rule from Jan. 1, 2018, until July 1, 2019. The OMB must review and approve the proposal before it can go into effect." - InvestmentNews

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Today is the Day - The DOL Ruling

 
After playing the waiting game on the highly disputed Department of Labor's (DOL) Fiduciary Rule, the day is finally here...or is it?
 
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BREAKING NEWS: DOL Fiduciary Rule Not To Be Delayed Further

BREAKING NEWS 5/22/17: Yesterday, the new Labor Secretary announced in the Wall Street Journal, that he will not delay the DOL Fiduciary Rule further. He did, however, announce a temporary enforcement action that will delay the enforcement of the rule until January 1st , 2018. This means that firms will have temporary relief through January to finalize their plans.

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BREAKING NEWS: House Committee Approves Possible DOL Repeal

BREAKING NEWS 5/4/17: Yesterday, the House Financial Service Committee voted to approve the Financial Choice Act 2.0. The Act includes a repeal of the DOL Fiduciary Rule, which is set to be implemented on June 9th. The vote was 34-26 along party lines and came after three days of considering amendments from opposing Democrat members of the House Financial Service Committee. This is a revision of the previous Financial CHOICE Act by House Financial Service Committee chairman JebHensarling (R-Texas) last year. The full House could vote as early as next week. 

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The DOL Fiduciary Rule: 3 Key Issues

 

 

Breaking news came from the Department of Labor (DOL) yesterday, as they sent the final Fiduciary Rule to the Office of Management and Budget (OMB), requesting a 60-day delay. The Rule has not been published in a Unified Agenda and is pending regulatory review. All eyes are on the OMB right now as the effective date of the Fiduciary Rule grows closer to the applicability date set for April 10th.  

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BREAKING NEWS: DOL Proposes 60 Day Delay to Fiduciary Ruling

Since the Presidential memo on February 3rd we have all been waiting on pins and needles for the next action. Today as a first step the DOL issued a 60 day delay.

"The U.S. Department of Labor has announced a proposed extension of the applicability dates of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption, from April 10 to June 9, 2017."

"The proposed extension is intended to give the department time to collect and consider information related to the issues raised in the memorandum before the rule and exemptions become applicable."- Department of Labor

Check out some of the news articles below to learn more.

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BREAKING NEWS: Trump Signs Memo Potentially Delaying the DOL Fiduciary Rule

Multiple sources have reported today that President Trump has signed a memorandum instructing the Department of Labor (DOL) to re-examine the fiduciary ruling that has been creating a buzz in the industry for the past year. 

“President Trump's action to delay the Obama administration's fiduciary rule for further study is a wise one,” House Speaker Paul Ryan, R-Wisc., said in a statement. “This regulation is deeply flawed.” His quote and others can be found in this article from Investment News

"While early reports said Trump wanted to push off the rule's implementation, originally slated for April, by 180 days, the order did not mention any delay. The Labor Department late on Friday said it was considering legal options for delaying."  Read more here. 

Check out some of the news articles and the official memorandum from the White House below to learn more about what this means for the financial service industry and what we can expect going forward. 

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BREAKING NEWS: Congressman Introducing Bill Delaying DOL Fiduciary Rule

InvestmentNews: Breaking news coming out of Washington this afternoon as a bill has been introduce to delay the DOL fiduciary rule. Rep. Joe Wilson, R-S.C., introduced a bill today that would delay the implementation date of the Department of Labor's fiduciary rule by two years from enactment of the legislation.

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On Demand Webinar: An Overview & Discussion of the DOL Fiduciary Regulations as they relate to Life Sales

In a continued effort to keep you informed on the recent DOL ruling, Brokers' Service Marketing Group recently hosted this webinar with AIG's Deidra Hubenak.

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Will Indexed Annuity Sales Fall Because of the DOL Ruling?

We've heard a lot about the DOL's recent fiduciary ruling over the last few months. In fact, we just hosted a webinar on how this ruling will affect the life insurance industry and the sale of life insurance products (check back for a recording later this week). So what about annuities? How will annuity sales be affected by the DOL's strict ruling? InvestmentNews recently published an article that projects indexed annuity sales will fall 30% due to the ruling. Read below to find out why. 

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