Fifth Circuit Court of Appeals rules, Fiduciary Rule will not be

Fifth Circuit Court of Appeals rules, Fiduciary Rule will not be appealed

Posted: Updated:
LUBBOCK, Texas -

The Fifth Circuit Court of Appeals has ruled its decision to vacate the Fiduciary Rule will not be appealed.

The Department of Labor's Fiduciary Rule was put in place by the Obama Administration, expanding the definition of "fiduciary investment advice" provided to retirement plans, plan participants and IRA owners.

The rule mandated that advisers had to give conflict-free advice on retirement accounts, putting their client's needs ahead of potential compensation, essentially forcing investing agencies to become completely transparent in what is done and the advice provided.

The courts ruled the Department of Labor "overreached" with its mission, citing that the rule defined financial advice and who gives it too broadly and was therefore "unreasonable."

In a statement, the U.S. Chamber applauds the decision for America's retirement savers and urges the securities and exchange commission to work on a rule that will not "limit choice for investors."

"We encourage people to save for retirement and business encourage their employees to save for retirement so any type of regulation that discourages that is something the Chamber is not in favor of,' Norma Johnson, Lubbock Chamber of Commerce said.

The SEC is now working on writing a rule to reform investment standards.The rule is expected to subject brokers to a best interest standard.

It's open for public comment through august 7th.

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