The high-stakes battle centers on a new standard for financial advice affecting the nearly $1t a year rolled over from employer-sponsored 401(k)s to individual retirement accounts. The Labor Department rule would require advisers on IRAs to recommend what is best for the saver and avoid misrepresentations and excessive charges.
| less than a minute read
The insurance industry is winning a fight to kill new protections for retirement savers
“Insurers and agents are fighting for their right to keep ripping off clients, with biased advice and sky-high commissions,” said Joseph Peiffer, president of the Public Investors Advocate Bar Association of lawyers who represent investors. “And, right now, they’re winning.”
