NSCP Responds to Department of Labor’s Final Retirement Security Rule
(Cornwall Bridge, CT) April 29, 2024 – The U.S. Department of Labor (DOL) announced the release of its final Retirement Security Rule, marking a significant development in the regulation of fiduciary duties and conflict of interest standards within the financial services industry. This landmark rule aims to safeguard the interests of retirement savers by redefining the investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code and is expected to into effect September 23, 2024.
Lisa Crossley, Executive Director of the National Society of Compliance Professionals (NSCP), the premier non-profit membership organization for compliance professionals in the financial services industry, has issued the following statement:
“We are carefully reviewing the DOL’s final Retirement Security Rule. NSCP is committed to ensuring that our members are well-informed and equipped to adapt to these new regulations. We recognize the complexities and potential impacts of these changes, particularly on compliance functions across our industry. As we digest the implications of the final rule, our focus will be on supporting our members through knowledge sharing, education and advocacy to ensure that compliance professionals' are prepared and their interests are represented.
Furthermore, we appreciate the Department's effort to address some of the concerns raised during the consultation period. However, we remain cautious about the challenges our members may face, especially in aligning with both SEC regulations and this new rule. We will continue to work closely with all stakeholders to advocate for practical and effective compliance practices that serve the best interests of investors and the wider financial community.”
About NSCP
Since 1986, the National Society of Compliance Professionals has been the leading non-profit, membership organization dedicated to supporting compliance professionals in the financial services industry, focusing primarily on investment advisers, broker-dealers, and private funds. NSCP membership offers a wide range of compliance resources, educational opportunities, and regulatory advocacy and engagement. NSCP provides its members with essential information on compliance topics, regulatory insights, and useful tools through its monthly publication, online and in-person events, and within an interactive online community. NSCP members have access to a diverse community of compliance professionals who share their knowledge and expertise.
