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 Ridiculous: 'Customer first' now US retirement savings law

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PostSubject: Ridiculous: 'Customer first' now US retirement savings law   Ridiculous: 'Customer first' now US retirement savings law Icon_minitimeFri Apr 08, 2016 3:54 am
The US Labor Department announced sweeping rules on Wednesday that could transform the financial advice given to people saving for retirement by requiring brokers and advisers to put their clients' interest first.

Ridiculous: 'Customer first' now US retirement savings law 1460001547720

The long-awaited "fiduciary rule" would create a new standard for brokers and advisers that is stricter than the current regulations, which only require that brokers recommend products that are "suitable," even if it may not be the investor's best option.

At a time when American mum-and-dad savers are increasingly being put in charge of their own retirement security, the rule is meant to add a new layer of protection to guard workers from poor or conflicted investment advice. The rule is meant to improve disclosures and to reduce conflicts of interest, such as cases when a firm is paid by a mutual fund company or other third party for recommending a particular investment.

"This is a huge win for the middle class," said Thomas Perez, secretary of the Labor Department. "In far too many places and on far too many issues, the rules no longer work for working people."

Proponents of the rule say it should cut back on cases of retirement savers being steered into complicated and pricey investments, leaving them with more savings in their pockets.

While the new rule won't ban commissions, brokers may have to explain why they are recommending a particular product when a less expensive option is available, and they could face scrutiny if they recommend complicated products. Conflicted investment advice costs savers $US17 billion a year, according to an estimate from the White House Council of Economic Advisers.

Read more: http://www.smh.com.au/business/banking-and-finance/customer-first-now-us-retirement-savings-law-20160407-go0nst.html#ixzz45DfqGeSU
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