While the financial services community waits for some movement from the SEC on new rules and policies governing advisors, the Labor Department has taken it upon itself to get the ball rolling in the name of better protecting investors and pensioners.

During two days of testimony last week, the Labor Department heard from constitutes both for and against its new proposed rule that would expand the definition of fiduciary to include anyone who offers recommendations on investing in, buying, holding or selling securities or anyone who provides advice on managing securities or IRAs as a fiduciary.

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