The Securities Industry and Financial Markets Association hit the Department of Labor with a letter complaining that a proposed rule to redefine the term fiduciary could interfere with investors’ ability to save for retirement.

The letter comes after the DOL’s October proposal to redefine when an investment advisor is considered a fiduciary. The proposed rule would mark a shift from the current standard set by the Employee Retirement Income Security Act of 1974 (ERISA). If put in place, the rule would also change how retirement plans and individual retirement accounts access products and services.

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