: The Department of Labor said Monday it will delay until next year its plan to implement new rules regulating investment advice for 401(k) plans and individual retirement accounts. The department has been working for nearly a year on proposed new regulations which would expand the number of consultants and advisers it could hold legally responsible for the advice given to retirement plan providers and investors.
INDUSTRY LOBBYING: The delay comes after a heavy lobbying effort by the financial services industry, which complained that the proposed regulations were too broad, would increase their costs and likely limit choices available to retirement savers. Another concern is that the regulations will chill the desire to give advice due to fears over possible litigation.
NEXT STEP: Expect a revised proposal early next year.