Concerns about over-regulation and accusations of industry cynicism led the opening of the Labor Department's hearings on its proposal to impose fiduciary requirements on retirement advisers — the latest phase of its contentious process to craft new rules on consumer protections.

Throughout the week, the DOL will hear from a variety of investor advocates, academics and representatives of various industry sectors that would be affected by the fiduciary rules, which the department says are necessary to protect retirement investors from conflicted advice that might not be in their best interest.

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