(Published September 22, 2016) The Department of Labor’s (DOL’s) recently released final fiduciary regulation broadens its oversight, and broadens the scope of persons considered to be a fiduciary with respect to IRAs, HSAs, and CESAs. Although subject to Internal Revenue Code section 4975 prohibited transaction rules, many persons (advisors) have generally not been subject to ERISA fiduciary requirements with DOL oversight. One purpose of the final fiduciary regulation is to protect consumers, including IRA, HSA, and CESA owners, from persons that may not be acting in the consumer’s best interest when making investment recommendations.
(Published September 20, 2016) CP 16/20, published in August, shows the Financial Conduct Authority (FCA) continuing to muddle its way towards the end of the PPI mis-selling crisis. The performs two functions. It reports on the feedback received in response to CP 15/39. It also suggests further changes in the light of that. Adam Samuel reports.