“Perhaps the continued confusion can be expected given that the term ‘best interest’ is not defined in Reg BI and the word ‘fiduciary’ is not used in defining the new standard. It makes it harder to understand.”
Tag "Phyllis Borzi"
![Exclusive Interview: Phyllis Borzi on the SECURE Act, Target Date Funds, and “Discredited Disclosure”](https://fiduciarynews.com/wp-content/uploads/2020/06/6750857759_4d78b9d01d_b-660x395-1-505x306_c.jpg)
“That is one of the key weaknesses of the SEC’s Reg BI. It allows brokers to claim they are working in an investor’s best interest without being held to a legal duty of loyalty”
![Why Phyllis Borzi is Now Pessimistic On the Plight of a Uniform Fiduciary Standard](https://fiduciarynews.com/wp-content/uploads/2018/05/6750857759_4d78b9d01d_b-660x395-505x306_c.jpg)
“In 5 years, I think investors will be considerably worse off if SEC does go forward with its proposals without substantial change.”
![What Will the Fiduciary Standard Look Like in Five Years?](https://fiduciarynews.com/wp-content/uploads/2018/09/future-1239052-660x395-505x306_c.jpg)
Still, if one has confidence the marketplace will drive the industry towards focusing on the best interests of clients, then a de facto fiduciary standard can emerge organically, without overt reliance on regulators.
![Exclusive Interview: Phyllis Borzi says Original Fiduciary 5-Part Test Left Plan Sponsors “Holding the Bag”](https://fiduciarynews.com/wp-content/uploads/2018/05/6750857759_4d78b9d01d_b-660x395-505x306_c.jpg)
For 8 years as Assistant Secretary of EBSA, Phyllis Borzi fought vigorously to protect plan sponsors and retirement savers under the uniform fiduciary umbrella. Here, she answers questions about the past, present and future of the Fiduciary Rule.
FiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 11/16/18
Two opposing forces, what does “fiduciary” really mean, and, speaking of conflicts-of-interest.