Obama to crack down on 'bilking' of retirement savings

President Obama on Monday started a new effort to crack down on conflicts of interest among retirement advisers, which he said offend "our basic values of honesty and fair play." In an appearance at the seniors organization AARP in Washington, Obama lent his vocal support to a forthcoming administrative rule that would aim to limit conflicts of interest in retirement investing, decrying the current lack of uniform "rules of the road" for advisers and warning that some are "receiving backdoor payments or hidden fees" to steer clients into higher-cost funds.



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