U.S. Labor Department to delay 'fiduciary' rule for 60 days pending review

Reuters News
Posted: Apr 04, 2017 4:54 PM

WASHINGTON (Reuters) - The U.S. Labor Department will delay the implementation of its "fiduciary rule" by 60 days while it undertakes a review into whether the rule may hinder Americans' ability to get access to retirement investment advice, according to a filing in the Federal Register.

The Labor Department's rule, which requires brokers offering retirement investment advice to act in the best interest of their customers, has been heavily criticized by Republicans and Wall Street amid concerns it may make investment advice too costly.

(Reporting by Sarah N. Lynch)