LUBBOCK, Texas -
Lubbock Chamber of Commerce is joining a law suit against the Department of Labor over the new regulations that will be imposed on financial institutions.
The Chamber says the new rules will make it harder for Texas businesses to help provide their employees with retirement security and make it much more expensive and difficult for average Texans to save for retirement.
Financial planner Brent Dickerson disagrees and says the new rules will help those saving for retirement and protect them from those who are only seeking to help themselves.
"Whereas someone may have been able to under a suitability standard be able to offer, for example an annuity with high fees and high costs to the customer -- that might not be allowed now," he said. "So they would have to find alternate products that are much more client-centered, focused on the customer, with lower costs and higher returns."
He also says he doesn't understand why the Chamber is joining suit and says it appears they are protecting the larger investment firms from having their secrets unveiled.
