The head of the Financial Services Institute has delivered a pointed letter to House committee leaders criticizing the efforts of the Department of Labor in developing a new definition of the term "fiduciary" that would cover financial professionals providing advice to retirement plans.
FSI CEO and President Dale Brown took issue with a letter that Phyllis Borzi, the Labor Department's assistant secretary of the Employee Benefits Security Administration, had sent to the same lawmakers last month. In that letter, Borzi, who is overseeing the fiduciary rulemaking, expressed disappointment about the incomplete response to a request for data the department had sent to industry trade groups, including FSI.
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