In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
David Marcus, the head of Facebook's digital currency project, said the company expects Libra will drive more advertising revenue for the company.Technologyread more
Some White House officials expect the Cabinet secretary, who has known the president for years, to depart as soon as this summer.Politicsread more
"The important thing is that you shouldn't try to hit homeruns this week, because you're much more likely to end up striking out," Jim Cramer says.Mad Money with Jim Cramerread more
Federal regulators for now are backing off enforcement of an Obama-era rule intended to protect retirement savers.
The 5th Circuit Court of Appeals ruled on March 15 that the Labor Department overstepped its authority by creating the so-called fiduciary rule, parts of which went into effect last year. In general, the rule requires advisors and brokers to put their clients' interests before their own when advising on retirement accounts such as 401(k) plans and individual retirement accounts.
"Pending further review, the [Labor Department] will not be enforcing the 2016 fiduciary rule," an agency spokesman said in a statement to CNBC.
No further details were provided.
The department's decision affects all advisors nationwide who have been subject to the rule, not just those who work in the area of the country that the appeals court has jurisdiction over — Texas, Mississippi and Louisiana.
Last June, some provisions went into effect, requiring advisors to provide advice that aligns with clients' best interests, charge reasonable compensation and not make misleading statements.
The remaining provisions set to take effect July 1, 2019 — the result of repeated delays after President Donald Trump took office — articulate what advisors must do to meet those requirements.
For instance, it would require those earning commissions on investments in retirement accounts to sign a legally binding agreement putting their clients' interests ahead of their own, and to provide other disclosures related to fees, services and conflicts of interest.
The Labor Department already has been reviewing those provisions. It indicated when it issued its most recent delay in November that the agency would use the time to work with other federal regulators on potential changes to the postponed provisions.
Although it's uncertain how the agency may ultimately respond to the appeals court's decision, the legal battle is likely to continue.
Regardless of what happens, experts recommend that retirement savers choose their advisors carefully and understand exactly how they are paid.
According to a 2015 study from former President Barack Obama's Council of Economic Advisors, conflicted advice was costing consumers about $17 billion in retirement earnings each year.
The chart below provides some tips on how to evaluate a financial advisor.