Library

FACC DOL Testimony

The Federation of Americans for Consumer Choice, FACC, appreciates the opportunity to testify today. Let me say at the outset that we are encouraged to see many other industry trade associations speak to the very real concerns of independent agents and independent insurance distribution.

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Press Release: DOL Rule is Flawed

The Federation of Americans for Consumer Choice (FACC), voicing deep concerns with the Department of Labor’s “Improving Investment Advice for Workers & Retirees” proposal, is urging DOL to reconsider its proposal. FACC submitted written comments to DOL outlining how the proposal will significantly disrupt the fixed insurance marketplace, turn traditional insurance agents into fiduciaries, and create unworkable hurdles for independent distribution.

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Press Release: FACC URGES DOL TO WITHDRAW OR REWORK INVESTMENT ADVICE RULE

The Federation of Americans for Consumer Choice (FACC), voicing deep concerns with the Department of Labor’s “Improving Investment Advice for Workers & Retirees” proposal, is urging DOL to reconsider its proposal. FACC submitted written comments to DOL outlining how the proposal will significantly disrupt the fixed insurance marketplace, turn traditional insurance agents into fiduciaries, and create unworkable hurdles for independent distribution.

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Federation of Americans for Consumer Choice DOL Comment Letter

RE: Improving Investment Advice for Workers & Retirees Proposal
To Whom it May Concern:
The Federation of Americans for Consumer Choice (FACC) wishes to express its deep concerns regarding the above proposal issued by the Employee Benefits Security Administration of the Department of Labor (herein the “Department” or “DOL”).

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FACC Abbreviated Redline

Draft: 9/17/19 FACC Redline 9/30/2019 NOTE: This mark –up is not meant to be definitive. Rather, it is meant to be illustrative of some, but not all, of our points raised in our comment letter. It is subject to continuing analysis and development. See download for full body of document.

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OPEN LETTER TO LIFE INSURANCE AND ANNUITY TRADE ORGANIZATIONS

January 2019  TO: Trade Organizations with Members in the Independent Distribution Channel  RE: NAIC Best Interest Regulation  We the undersigned are Independent Marketing Organizations (IMOs) and many of us belong to trade organizations or work with companies that belong to trade associations. In the past few months we have been

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FACC CAMPAIGN PROPOSES NEW CONSUMER PROTECTION STANDARDS

Members of the FACC Campaign have been working to develop an alternative to the NAIC Suitability Working Group’s proposal to regulate a best interest standard that is stronger for consumers by protecting their access to affordable insurance representation. 

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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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Great Scott! Or should we say Great Scottrade!

While the Scottrade case and these various pronouncements generally are directed at the securities industry, not fixed annuities, the implications are deeply worrisome.  The Fixed Annuity Consumer Choice (FACC) Campaign is concerned these developments prove the U.S. Department of Labor is losing control over the rule and unleashing uncontrolled forces such as hyper-aggressive state regulators and the always profit-hungry plaintiff’s bar that may wreak havoc on the financial services industry.

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Thank You Senator Perdue. Your Leadership is Appreciated.

If you live or have a business in Georgia, please take a moment to send Senator Perdue a letter thanking him for his support and leadership. You can do so by simply clicking on the foregoing link. If you prefer to call him, his DC office number is ‎(202) 224-3521 and his Atlanta number is 404-865-0087.

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