DOL and SEC Fiduciary Rules Likely to Be Inconsistent

Phyllis Borzi, assistant secretary of the Department of Labor's Employee Benefits Security Administration who is the key leader on DOL's development of a fiduciary standard under ERISA, recently indicated that it is likely that fiduciary rules developed by the Department of Labor and the SEC are likely to be inconsistent.

The life insurance industry, among other financial services sectors, has expressed concerns regarding establishing two separate fiduciary rules that would be applicable to life insurance producers. 

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