The Department of Labor (DOL) has deleted a blog post and a consumer FAQ that explained the benefits of a rule that requires financial advisers act in the best interest of their clients. Both the blog post and the FAQ explained the benefits of the “Conflict of Interest Rule.”
- The post on the U.S. Department of Labor Blog (“Your Conflicts of Interest Questions Answered” by Phyllis Borzi) now says “Access denied You are not authorized to access this page.” The post is no longer listed on Oct 27, 2016, but a copy of the post with that date is available in the Internet Archive.
- Investment News reports that DOL removed the FAQ, Consumer Protections For Retirement Investors – FAQs On Your Rights And Financial Advisers (U.S. Department of Labor, Employee Benefits Security Administration, January 2017) which now says only “Page not found.” The document is not in the Internet Archive, but there are copies on commercial sites here and here.
The Conflict of Interest Rule became effective in June of 2016 and was set “become applicable” on April 10, 2017. In February, however, President Trump directed the DOL to re-examine the rule because it “may not be consistent with the policies of my Administration.” In response, the DOL issued a notice of its intention to delay the applicability of the rule for 60 days. Comments on the delay are due on or before April 17, 2017. Investment News also reported earlier that the agency will need more than 60 days to conduct its assessment of regulation.
The President’s statement says that these actions are meant to “empower Americans to make their own financial decisions” and the Department’s notice says that it will examine if the rule will “adversely affect the ability of Americans to gain access to retirement information and financial advice.”