Advisors look out, another big batch of fiduciary rule changes looks to be on the way. The DOL has dropped some significant hints lately about some big changes on the cards. The first is that parts of the rule—which parts unknown—look likely to be delayed beyond the July 2019 implementation date. Secondly, there could be substantial changes to key elements of the rule, such as the BICE. The DOL has indicated that the BICE might be streamlined and replaced with a new version. Speaking on the BICE, the DOL says it “anticipates it will propose in the near future a new and more streamlined class exemption built in large part on recent innovations in the financial services industry”.
FINSUM: A further delay would be good in a way, but also annoying, as most would hope to have a new rule in place that concludes this unending saga. A better BICE would surely be welcomed.