Will the Department of Labor’s (DOL) fiduciary rule be delayed? According to BenefitsPro, there are rumors to that effect, but they likely are nothing more than that.
Drinker Biddle attorney Brad Campbell, who is part of the firm’s Employee Benefits and Executive Compensation Practice Group, told BenefitsPro that rumors in the financial services industry that the effective date would be delayed arose from requests made to the DOL that it do so.
Campbell notes that members of the financial services industry have said complying by April 10, 2017 will be difficult, and that the DOL has not issued guidance it has acknowledged is necessary in order to help with compliance. Nonetheless, he says, the DOL has not indicated that it would accede to any requests for a delay and notes that it has not made any official statements to that effect.
Drinker Biddle attorney Brad Campbell, who is part of the firm’s Employee Benefits and Executive Compensation Practice Group, told BenefitsPro that rumors in the financial services industry that the effective date would be delayed arose from requests made to the DOL that it do so.
Campbell notes that members of the financial services industry have said complying by April 10, 2017 will be difficult, and that the DOL has not issued guidance it has acknowledged is necessary in order to help with compliance. Nonetheless, he says, the DOL has not indicated that it would accede to any requests for a delay and notes that it has not made any official statements to that effect.
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