INDUSTRY CALL TO ARMS!
Take these 2 simple steps to protect the Fixed Indexed Annuity industry and thousands of FIA professionals!
KEEP FIAs in PTE 84-24
TAKE ACTION NOW!
Listen to the audio instructions!
The FACC Campaign is grateful to Congressmen Stivers & Cleaver and thanks them for their support and thoughtful letter to Secretary Acosta!
The Fixed Annuity Consumer Choice Campaign (FACC Campaign) is organized to protect fixed annuities in connection with the Department of Labor (DOL) fiduciary rule deliberations.
The FACC Campaign believes:
- Fixed annuities – including fixed indexed annuities (FIAs) – offer unparalleled guaranteed protections and benefits to consumers that are not fully understood or appreciated by the DOL.
- All fixed annuities must be covered by PTE 84-24, or an equivalent exemption, that recognizes the unique features of fixed annuities and accommodates their distinctive means of distribution through independent agents and Independent Marketing Organizations (IMOs).
- FIAs should not be lumped in with securities products under the Best Interest Contract Exemption because that creates an un-level playing field that inherently disfavors fixed annuity providers and products.
- Placing FIAs in BICE would have severe adverse repercussions for consumers by limiting choice in the IRA marketplace and would violate the spirit of the Harkin Amendment which was adopted by Congress to distinguish regulatory treatment of FIAs from securities products.
- The fixed annuity industry must use every means possible to persuade DOL to modify its prohibited transaction exemptions and exert pressure on Congress and the White House to support these objectives.
- The fixed annuity industry must control and guide its own destiny by considering best practices to be used in complying with PTE 84-24 or whatever exemption is ultimately fashioned for fixed annuity products.
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.
No, we don’t mean to your special someone. We mean “get engaged” in our campaign to save the future of fixed indexed annuities! The origin of the word “engage” can be traced back to the early 17th century and comes from the French “engager” which literally means ‘to...
We are very pleased to announce that Senator David Perdue has agreed to be primary author of a letter to Secretary Acosta similar to the House of Representatives Stivers and Cleaver letter to Secretary Acosta. This is a very big step forward in the FACC Campaign’s...
The FACC Campaign is concerned many agents and distributors are not aware of THREE VITAL FACTS: 1. DOL HAS NOT YET ISSUED A DELAY – the Office of Management & Budget approved the proposed delay in near record time but we have heard nothing formally from DOL as of...
The FACC Campaign is grateful to Congressmen Stivers & Cleaver and thanks them for their support and thoughtful letter to Secretary Acosta! July 2017 The Honorable Alexander Acosta Department of Labor Secretary 200 Constitution Avenue NW Washington, D.C. 20210...
Phoenix, AZ, September 21, 2017 – Annuity proponents have formed a new group to campaign for protecting fixed annuities in the ongoing battle over the Department of Labor fiduciary rule. See Coverage Here The newly formed group, the Fixed Annuity Consumer Choice...
Please take one minute to stand up and be heard on the Fiduciary Rule. Please sign a letter of petition to Department of Labor Secretary Alexander Acosta urging him to delay implementation of the Fiduciary Rule exemptions. Join our campaign to extend the transition...
The last few days have seen a flurry of activity! The most recent new items are:
August 29 – Office of Management & Budget (OMB) approval of the DOL’s request for an 18-month delay to the Rule.
August 30 – DOL issued an official announcement of the delay and has given 15 days for public comment.
August 30 – DOL published Field Assistance Bulletin 2017-03 stating it won’t enforce a provision of the BICE’s arbitration ban.
The silence at the Department of Labor is LOUD. The DOL sent its request for delay to the Office of Management & Budget 12 days ago and since then we have heard nothing. But, don’t think the silence means that victory is upon us – IT IS NOT! The news of the...
The Rumors of the DOL Rule’s Death are Highly Exaggerated! The shot heard across the nation last Wednesday was the sound of a DOL proposal to delay further implementation of the fiduciary-rule exemptions until July 2019. The Department’s proposal to extend the Jan. 1 effective date for the remaining portions of the exemptions was first disclosed in documents released Wednesday in a court challenge Thrivent Financial for Lutherans v. Perez.