Dodd-Frank and its byproducts including the Volcker Rule, bank stress tests, the CFPB and the fiduciary rule, though not perfect, have had a single goal: protect investors and the economy from another destabilizing financial crisis. The delay seems certain but beyond that, UBS says, is more difficult to tell:The acting Secretary of Labor is already working to delay the fiduciary rule. Importantly, the Fiduciary rule is currently being challenged in a N. Texas Court case, which may also impact the fate of the rule. More interestingly and importantly, it seems most big banks with brokerage arms are ready to comply with the fiduciary rule as planned. Back in December, before the call to delay the rule, Wells Fargo sent a note to its financial advisors saying it was planning for all scenarios regarding the rule.

Source: Forbes February 07, 2017 21:03 UTC