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Final DOL Fiduciary Rule: Big Changes to Deadlines, BICE

Implementation of the final rule will be phased in with Jan. 1, 2018 as the deadline for full compliance.

By Melanie Waddell | Updated on April 06, 2016

The Department of Labor’s long-awaited final fiduciary rule “ensures that putting clients first is no longer a marketing slogan, it’s the law,” Labor Secretary Thomas Perez told reporters on a Tuesday afternoon call to announce completion of the DOL’s rule to amend the definition of fiduciary on retirement advice.

“With the finalization of this rule, we are putting in place a fundamental protection into the American retirement landscape,” Perez said. “A consumer’s best interest must now come before an adviser’s financial interest. This is a huge win for the middle class.”

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