President Barack Obama's administration will announce new regulationson providing financial advice to retirement savers on April 6, The Wall Street Journal said in a March 31report, citing "people familiar with the matter."
Companies and lobbying groups in financial services and insurancehave followed closelythe Department of Labor's effort to require the fiduciary standard for advisoryservices under the Employee Retirement Income Security Act.
Some have threatened legal challenges to the department's proposedfiduciary rule, which would mandate up-front disclosures and increase the risk oflitigation to advisers. The Obama administration pushed for the change as a wayto ensure that retirement advisers always counsel in the best interest of investors.
Sen. Elizabeth Warren, D-Mass., and Labor Department SecretaryThomas Perez are scheduled to announce the new standards at 11:30 a.m. ET on April6 at the Center for American Progress, according to the Journal report.