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Report: UBS to temporarily adjusts broker pay in light of new retirement rule

UBS Group AG will temporarily alter how it pays U.S. brokers in order to comply with the new so-called fiduciary rule, The Wall Street Journal reported June 1.

The Swiss bank has been critical of the rule, which forces advisers to retirement investors to act in clients' best interests, saying it will limit investor choices.

Rather than brokers receiving a scaled percentage of fees and commissions they generate off all the assets they manage, UBS will base payouts on the broker's average return on retirement assets in 2016, according to Tom Naratil, head of UBS's U.S. operations.