A Labor Department proposal that aims to prevent conflicts of interest in brokers who offer retirement advice has met with resistance from the U.S. Securities and Exchange Commission (SEC) and other agencies, according to a report discussed in the Senate on Wednesday. The plan would require brokers to act in their client’s best interests when advising on IRAs and “suitable” investments. Although the Labor Department is said to have coordinated “comprehensively” with SEC staff, the report criticized the Labor Department for rejecting many recommendations by the SEC and other agencies.
See Suzanne Barlyn and Sarah N. Lynch, Reuters, February 24, 2016
