FSI voices concern about GAO report on fiduciary regulation

The Government Accountability Office is urging the Department of Labor and the Internal Revenue Service to take steps to improve the process followed when employees rollover their 401(k) savings plans. The issue, which could be addressed in the DOL's revised fiduciary rule, has sparked concern among industry experts. "It is evident that the GAO has not fully considered the impact the Department of Labor's fiduciary rulemaking will have on Main Street Americans' access to professional financial advice, products and services," said David Bellaire, FSI's executive vice president and general counsel.

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