AALU/GAMA Statement in Support of the Department of Labor’s Consumer Protection Proposal

FOR IMMEDIATE RELEASE                                         Contact: Shana Armstrong

June 30, 2020                                                               (202) 999-2781

AALU/GAMA Statement in Support of the Department of Labor’s Consumer Protection Proposal

Ruling builds on the momentum of the SEC and NAIC’s standard of care model

WASHINGTON, D.C.—AALU/GAMA CEO Marc Cadin released the following statement in support of the Improving Investment Advice for Workers and Retirees Proposal: 

“The Department of Labor’s proposal safeguards consumer choice for the American people,” said Marc Cadin, CEO of AALU/GAMA. “Consumers benefit most from uniform standards that bring clarity about the protections they deserve from their financial security professionals. Our profession needs a defined set of harmonized, specific, and priniciple-based rules to govern market conduct. While we have some questions about some of the finer details of the proposal, especially as it addresses rollover recommendations, we look forward to working with the DOL to ensure consumers’ best interests are protected to make informed decisions for their financial futures.”