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FACC Campaign Welcomes 5th Circuit Mandate – Encourages NAIC to Step Back from Best Interest

While some might read the Fifth Circuit decision merely as a rebuke to the Labor Department, the FACC Campaign believes the Fifth Circuit decision stands for a larger proposition. The Court made clear that agents who sell products are not fiduciaries and should not be held to fiduciary standards. To do otherwise is contrary to decades of common law as well as highly evolved statutory and regulatory decision-making.

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FACC to NAIC: Suitability Works

The newly formed group, the Fixed Annuity Consumer Choice Campaign, or FACC Campaign, is led by Dwight Carter, President of Financial Security Associates and chairman of the new organization, and Kim O’Brien, a well-known annuity advocate.
Its primary emphasis is pushing for permanent placement of fixed indexed annuities under the 84-24 Exemption with other fixed annuities.

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