“The evidence before the department is clear,” said ACLI President and CEO Dirk Kempthorne. “The fiduciary regulation has harmed small and moderate retirement savers by restricting or eliminating access to retirement products and services, creating an advice gap for those most in need of help. Its bias against commission-based arrangements restricts consumer access to annuities – the only product in the marketplace providing guaranteed lifetime income.
“Full implementation of the regulation must be delayed to allow the department, state insurance regulators, the SEC, Finra and Congress to work in concert on reasonable and appropriately tailored rules that require all sale professionals to act in the best interest of their customers. A collaborative and harmonized approach would ensure all consumers receive retirement savings information and related financial guidance from financial professionals acting in their best interest, regardless of the retirement products they purchase,” Kempthorne said.
”We agree with the department’s desire to promote coordination among regulatory stakeholders,” Kempthorne added.
“The delay will provide sufficient time for the department to complete its examination of the regulation and determine next steps.”