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Labor Department officially delays fiduciary rule

The U.S. Department of Labor will delay the implementation of its Conflict of Interest Rule to July 1, 2019, from Jan. 1, 2018, following a brief filed in August.

The department said in a press release the extension would give it time to consider public comments it requested in July as well as a directive from the White House to the department to review the rule.

The department will use the extension to consider possible changes and "alternatives" to exemptions based on input and actions from the Securities and Exchange Commission, state insurance commissioners and other regulators.

The 18-month delay would include the fiduciary rule's contentious best interest contract exemption, which requires brokers to sign a legally binding agreement that they put their clients' best interests ahead of their own, charge "reasonable" fees and avoid making misleading statements.

The department indicated that it intends to complete its review and decide whether to propose further changes by the July 1, 2019, full applicability date.