The DOL’s new Rule both discourages and permits continued conflicts-of-interest.
Absent any objective definition of ‘excessive’ and ‘reasonable,’ does the Conflict-of-Interest Rule have any real meaning, or is it merely another potentially lucrative cash-flow stream for class action attorneys courtesy of your friendly neighborhood government regulator?
Any regulation that requires 10 pages of explanation for every page of regulation is bound to have something good, something not-quite-good-enough, and something not-so-good.
Solving a political meme does not solve the problem.
Faux Regulation, Fiduciary Liability Redux, and Interest Rate Follies.