Advisers have no reason to be reluctant to work with clients because they fear class-action lawsuits against them under the Labor Department's fiduciary rule, said Timothy Hauser, the department's deputy assistant secretary. The threshold to file a lawsuit is pretty high, he said, requiring plaintiffs to "show systemic violations." InvestmentNews…
Few investors expect the Federal Reserve to change interest rates at a meeting next week, after hearing the views of four Fed governors. Lael Brainard, the last to speak publicly ahead of the meeting, triggered a rally on Wall Street when she indicated she was leaning against a rate hike….
The Financial Industry Regulatory Authority is embracing the concept of "culture of compliance" in its regulatory responses. Former FINRA CEO Richard Ketchum defined culture as "explicit and implicit norms, practices, and expected behaviors that influence how firm executives, supervisors and employees make and implement decisions in the course of conducting…
A provision that would block implementation of the Labor Department's fiduciary rule is in a bill to replace the Dodd-Frank Act sponsored by House Financial Services Committee Chairman Jeb Hensarling, R-Texas. The measure would also bar the Securities and Exchange Commission from proposing a fiduciary rule until it conducts a…
NAIFA, in conjunction with subject-matter expert Don Trone, has developed a new NAIFA Skill Builders four-hour workshop to help you understand and comply with the new Labor Department fiduciary rule while serving the best interests of your clients. Learn how to apply best practices using 10 Fiduciary Dimensions and a Steward Attributes…
Pension-law lawyer Marcia Wagner warns advisers that they should pay attention to provisions of the US Labor Department's fiduciary rule that they might not have heard about. For example, providing advice once can make an adviser a fiduciary, even if it doesn't result in an investment, she explains. ThinkAdvisor (8/26)
If confronted by a prolonged recession, the Federal Reserve may increase its inflation target and buy a broader range of assets than it has targeted in the past, Chair Janet Yellen said. "Future policymakers might choose to consider some … tools that have been employed by other central banks, though…
Governments and central banks must come up with new economic policies if they are to avoid recessions that are deeper and more difficult to avert, Federal Reserve Bank of San Francisco President John Williams writes in the bank's Economic Letter. "There is simply not enough room for central banks to…
Traders are pricing in a greater likelihood of an interest-rate increase this year from the Federal Reserve because industrial production and retail sales are indicating stronger growth in the US economy. Traders saw a 15% chance of a rate hike after the Brexit vote, but that has risen to 44%….
The US Labor Department expects to issue guidance to clarify aspects of its fiduciary rule, said agency official Phyllis Borzi, the measure's principal architect. The guidance would not make "fundamental changes to the rule," she said. ThinkAdvisor (6/29)
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