The question of how the Department of Labor's fiduciary rule will be enforced was the most difficult challenge regulators faced in crafting the rule, according to Assistant Secretary of Labor Phyllis Borzi.
The head of the Employee Benefits Security Administration addressed fiduciaries and consumer advocates in Philadelphia this week, at an event hosted by the Institute for the Fiduciary Standard, a think tank that advocates for a fiduciary standard of care on all investment advice.
Borzi, who heads the team charged with enforcing the Employee Retirement Income Security Act, said that the new fiduciary rule's application to employer-sponsored retirement plans will be seamless, given the agency's statutory authority through ERISA.
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