Iowa Attorney General urging Department Of Labor To Enact Investor Protections

Iowa Attorney General, Tom Miller, led a group of eight attorneys general in urging the U.S. Department of Labor to lift its delay in implementing a rule that would require financial advisors to place their clients’ best interests above their own. The rule was set to take effect April 10, but the department delayed it by 60 days to June 9. An agency analysis had previously found that conflicting advice issues were widespread and that investment agencies often arrange compensation ahead of clients’ interests. “Postponement of its application is costing investors tens of millions of dollars each day as advisors continue to give conflicted advice and the rule should be implemented without further delay,” the attorneys generals wrote in a letter to Acting Secretary of Labor Edward Hugley. In addition to Miller, attorneys generals from Hawaii, Illinois, North Carolina, Oregon, Pennsylvania, Washington and the District of Columbia signed the letter.