AALU/GAMA Testifies with Leading Trade Groups at the Department of Labor’s Fiduciary Administrative Hearing

FOR IMMEDIATE RELEASE                                         Contact: Shana Armstrong

September 3, 2020                                                               (202) 999-2781

AALU/GAMA Testifies with Leading Trade Groups at the Department of Labor’s Fiduciary Administrative Hearing 

AALU/GAMA CEO responds to today’s testimony with five industry association leaders

WASHINGTON, D.C.—AALU/GAMA CEO Marc Cadin released the following statement on the Proposed Fiduciary Standard of Conduct for “Improving Investment Advice for Workers and Retirees:

“In an uncertain world, the financial security profession is the anchor to which the American people rely on to protect them from devastating circumstances,” said AALU/GAMA CEO Marc Cadin. “In order to deliver on those promises, it is essential that we have regulatory systems that safeguard consumers, preserve their access to products, and offer tailored advice to meet the individual needs of each client. We support the Department’s goals, however, we believe the proposed rule should recognize the difference between securities and insurance professionals and to re-evaluate their reinterpretation of the fiduciary investment advice five-part test.”

Read the testimony here.

Read our comment letter here.