While many know of the US Department of Labor (DoL) for its monthly jobs reports, fewer are aware of its position as the regulator of US retirement funds. When firms that manage pension funds commit misconduct, they must go to the DoL to waive their disqualification from managing these funds in the future. While the agency has rarely used its powers to ban firms from managing pensions, it is looking to make these waivers harder to secure in the future.
Last month, the DoL proposed changes to its Qualified Professional Asset Manager (QPAM) program, which would make firms more likely to lose this status if they commit misconduct, even if it is outside of US borders.
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