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U.S. weakens retirement advice rule, responding to industry
April 6, 2016 by admin · Leave a Comment
By Suzanne Barlyn and Lisa Lambert WASHINGTON (Reuters) – A new U.S. rule aimed at protecting retirement savers from profit-hungry brokers turned out to be much weaker than an initial proposal after the Obama administration bowed to pressure from the financial services…
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U.S. weakens retirement advice rule, responding to industry
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U.S. weakens retirement advice rule, responding to industry
April 6, 2016 by creative · Leave a Comment
By Suzanne Barlyn and Lisa Lambert WASHINGTON (Reuters) – A new U.S. rule aimed at protecting retirement savers from profit-hungry brokers turned out to be much weaker than an initial proposal after the Obama administration bowed to pressure from the financial services industry. The rule, announced by the Department of Labor on Wednesday, sets a so-called fiduciary standard for financial brokers who sell retirement products, requiring them to put clients' best interests ahead of their bottom line. The language is tougher than an existing rule that …
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U.S. weakens retirement advice rule, responding to industry