DOL Asks About Gutting The BIC, Extending Deadline

The U.S. Department of Labor is considering scrapping much of the fiduciary rule’s best-interests contract (BIC) and extending the Jan. 1, 2018 implementation date.

In a request for comment released yesterday, the DOL asked about the implications of eliminating or streamlining the BIC exemption, which would allow the use of brokerage products in IRAs.
Source: FA Magazine

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