Washington, DC—Following is a statement from Christine Owens, Executive Director, National Employment Law Project:

“After an exhaustive seven-year process, the U.S. Department of Labor’s conflict-of-interest rule (also known as the fiduciary rule) finally takes effect today. This rule represents a major step to help millions of workers around the country make the most of their retirement savings.

“The rule protects retirement savers’ right to know whether the advice they’re getting actually promotes their financial interests—rather than their investment adviser’s financial interests.

“The rule will protect retirement savers from being charged tens of billions of dollars in excessive fees by requiring financial advisers, including brokers and insurance salesmen, to put their clients’ interests first, just as do doctors, lawyers, and other fiduciaries.

“Certain segments of the financial services industry continue to oppose this rule, however, just as they have at every turn. Many have long exploited hidden conflicts of interest to line their own pockets at retirees’ expense. These industry groups are now redoubling their efforts in a last-ditch attempt to gut the rule’s enforcement provisions. NELP urges Labor Secretary Acosta not to pare back these protections, which are important to everyday workers who count on every dollar of their retirement savings.”

For more information about the new rule, visit http://campaigns.nelp.org/fiduciaryrule.

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