U.S. Labor Secretary Thomas Perez said Wednesday the agency’s proposed fiduciary rule for retirement plan advisors will be published in the next few months.
He called Securities and Exchange Commission Chair Mary Jo White’s statement at a SIFMA conference Tuesday in support of a fiduciary duty for brokers “very consistent with what we’re doing.”
Speaking at a House committee hearing, Perez said that while his department is readying a proposal to require retirement plan advisors to operate in the best interests of plan participants,some financial planners are already adhering to the standard.
The Labor Department submitted a draft of its proposed fiduciary rule in January. But Perez has repeatedly stated the provisions are not written in stone. The DOL will seek public input after the proposal is made public, the Labor Secretary said.