Galvin slams court’s decision on fiduciary rule

PROVIDENCE – William F. Galvin, secretary of the commonwealth, last week slammed a court decision to strike down the so-called “fiduciary rule” and urged the federal government to appeal.

Galvin, the top securities regulator in Massachusetts, condemned the Fifth Circuit U.S. Court of Appeals ruling against the regulation created by the U.S. Department of Labor.

The so-called fiduciary rule, created under the Obama administration, is designed to protect retirement savers from the unethical practices of wealth managers.

The enactment of the controversial rule has long been delayed.

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“I strongly urge the federal government to appeal this ruling, to provide certainty to customers and their advisers,” Galvin said in a statement.