AARP seeks to revive fiduciary rule
AARP, the seniors’ advocacy group with 38 million members, on April 26 asked a federal court to reconsider its decision to reject the Department of Labor’s fiduciary rule. The Obama-era regulation would have required financial advisors to put their clients’ interests first when offering guidance on retirement plans.
In March, a panel of judges from the 5th Circuit ruled the DOL exceeded its authority when it issued the fiduciary regulation, effectively overturning the rule. It was to have taken full effect in 2019.