According to dispute resolution statistics, published by the Financial Industry Regulatory Authority (“FINRA”), breach of fiduciary duty continues to lead the list of “controversy types in customer arbitrations.” Negligence, failure to supervise, misrepresentation, breach of contract, suitability and omission of facts follow.

That breach of fiduciary duty allegations feature so prominently in FINRA customer disputes is notable since ERISA litigation patterns reflect a similar focus on how decisions are made by stewards of other people’s money.

Given the heated debate about the “Conflict of Interest” rule (sometimes referred to as the fiduciary rule) put forward by the U.S. Department of Labor (“DOL”), the spotlight on fiduciaries is unlikely to dim. To the contrary, should the Office of Management and Budget accelerate its review and issue the rule before April 2016, it is almost certain that the financial community writ large will add to the chatter about fiduciary responsibilities. A quick Google search makes it clear that the investment industry is gearing up for what they believe will be dramatic changes in the way advice is dispensed.

I will be adding more to this blog about the fiduciary rule from an economic and governance perspective in the ensuing months. In the meantime, click on “February 2 Hearing On New Fiduciary Bill” if you want to download the archived hearing about the Affordable Retirement Advice Protection Act and the U.S. House of Representatives counter to the DOL fiduciary rule.