Many of the public comments posted on the DOL’s website regarding its fiduciary rule were found to be fake, a Wall Street Journal analysis shows. An analytics firm hired by the newspaper surveyed 345 commenters whose remarks appeared critical of the rule and found that 20 of the 50 people who responded said they didn’t send a comment. Read the details below in an article at ThinkAdvisor. Also, New York state regulators have proposed a best-interest standard for sellers of life insurance and annuities, reports Bloomberg. The proposed amendments must go through a 60-day comment period, according to the publication. See the full story below.
WSJ Finds Fake Comments to DOL Criticizing Fiduciary Rule
By Bernice Napach
When the Labor Department officially delayed full implementation of its fiduciary rule until July 1, 2019, it said the extension would give the department more time “to consider public comments.” Now it turns out that many of those public comments were probably fake, according to an analysis by The Wall Street Journal.
New York’s Financial Watchdog Proposes ‘Best Interest’ Rules
By Katherine Chiglinsky
New York State’s top financial watchdog proposed regulations that would require sellers of life insurance and annuities to act in the best interest of clients, raising standards even as the U.S. government delays its fiduciary rule. Products that best fit clients would have to be offered before those that are most profitable to the sellers, the New York Department of Financial Services said Wednesday in a statement.