(Washington)

None other than Eugene Scalia, son of former Supreme Court justice Anton Scalia, has now written a formal letter asking that the courts expedite their ruling on the fiduciary rule. Scalia says that Massachusetts’ new attack on Scottrade is a sign that the rule needs to be settled once and for all, as having it half-implemented means heightened legal risk. The wealth management industry has been waiting several months for a final decision on a fiduciary rule case in the Fifth Circuit Court of Appeals in New Orleans. Scalia called for urgency, saying “The action also shows that the fiduciary rule is exacerbating the risk of litigation, even absent 'best-interest contracts”.

FINSUM: There is absolutely no point to having a half-implemented rule. The government (courts included) either needs to fully implement a rule, or get rid of the concept entirely, because the half-in nature of today’s arrangement if not beneficial for anyone.