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The ERISA Industry Committee Asks SEC to Withdraw Proposed Rule on Financial Technologies

WASHINGTON, October 9, 2023 – The ERISA Industry Committee (ERIC) today submitted a letter to the U.S. Securities and Exchange Commission (SEC) requesting the withdrawal of a proposed rule, “Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisors” (published August 9, 2023 in the Federal Register) because of the increased costs and uncertainty it will impose on employer-sponsored savings plans, as well as millions of employees who rely on those plans to save for retirement.