Bank of America is lifting a self-imposed ban on commission-based trading in customer retirement accounts.
The move comes after the rollback of an Obama-era regulation on the brokerage industry that was designed to protect investors from conflicted investment advice. Customers with individual retirement accounts at Bank of America Merrill Lynch will be able to make commission-based trades in the accounts by Oct. 1.
The bank said the decision was the result of client requests. Bank of America Merrill Lynch had banned the practice in preparation for the Labor Department's so-called fiduciary rule that came out in 2016. As other brokerages fought the regulation, Merrill Lynch used it as an opportunity to tout its commitment to working in clients' best interests.