The issued in Aprilby the U.S. Department of Labor is not likely to have a significant impact on 's John Hancockbusiness, company officials said.
"Ithink the industry, in general, was pretty pleased with how the final rules cameout," said John Hancock President and Manulife Senior Executive Vice PresidentCraig Bromley during a conference call. "There are some parties in the industrythat would prefer not have the rules at all, but in terms of the deal of consultingwith industry and formulating their final opinion based on that consultation, Ithink there was certainly some easing up on some of the most orders, provisionsand timelines."
JohnHancock's broker/dealer business will likely "need to take some steps"from compliance and information technology perspectives in response to the rule,Bromley said, adding that it already offers a "full array of products and arepretty product-agnostic" in its operations. Its rollover business will "needto make some adjustments," but Bromley said there should not be a "majordisruption" to sales levels as a result.
Regardingthe manufacturing component of John Hancock's business, Bromley said that its responsewill be more dependent upon how other distributors react to the changes in the regulatoryenvironment.
"Rightnow, we think that the distributors — just like ourselves — will adjust to the newrules, and there will be [a] somewhat muted impact," he said. "But weneed to wait and see until exactly what they actually do to react to the regulation."