The fate of the Department of Labor’s Fiduciary Standard is increasingly uncertain following the presidential election of Donald Trump, but various factors are likely to result in a growing number of financial firms adopting rigorous standards for providing advice to retirement investors.
In an unusual development, regulators are forcing long-term care insurer Pen Treaty of Allentown, Pa., to liquidate its assets and shut down its operations, which is leaving many of its shareholders with only a $300,000 benefit provided by some states. So reports TheNewYorkTimes.
Inaccurate regulatory filings, violations of custody rule requirements, code of ethics issues, recordkeeping problems, and insufficient written policies are five areas that have involved the most common deficiencies discovered during Securities and Exchange Commission exams. So reports JDSupraBusinessAdvisor.
Morgan Stanley plans to cut its fees and make other changes that would be required under the Department of Labor’s Fiduciary Standard rule even though the requirement may be terminated by President Trump. So reports Bloomberg.