U.S. Labor Department unveils retirement brokers rule

April 14, 2015 9:52 PM

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U.S. Labor Department unveils retirement brokers rule

WASHINGTON (Reuters) - The U.S. Labor Department proposed sweeping changes on Tuesday that would require brokers who offer retirement advice to enter into "best interest" contracts with investors, in an effort to ensure customers are not steered into high-fee products.

Labor Secretary Tom Perez unveiled the long-awaited plan, saying new rules are needed to protect consumers who may receive investment advice that is driven more by what will line brokers' pockets, and not by their best financial needs.

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