The Financial Services Institute would like to help the Department of Labor analyze the potential impact of a redefinition of fiduciary responsibility. However, FSI needs a bit more time to respond to data requests, and some of the requests seem off the mark, the organization said in a letter to the Labor Department.
“The timeline under which the Department has asked us to respond — starting with a Dec. 15 letter received on Dec. 18, a few days before the holidays when many of our members and FSI were operating with a reduced staff; a meeting on short notice on Jan. 27; a letter of Feb. 10 asking for a response by Feb. 17, which we received on Feb. 14; and ultimately the Feb. 24 response date — has severely constrained our ability to be responsive,” Dale Brown, president and CEO of FSI wrote in the Feb. 24 letter. FSI did include with the letter the data it did have available to respond to the Labor Department’s request, Brown notes.
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