CFP Board, FSI Back DOL’s Push to Roll Back Biden-Era Contractor Rule

Two major financial services groups, the Financial Services Institute and CFP Board, submitted comment letters urging the Department of Labor to move forward with rescinding its 2024 independent contractor rule, though with differing levels of emphasis. CFP Board said it supports the shift back to a clearer two factor “economic reality” test, noting that a more predictable framework gives CFP® professionals flexibility to structure their businesses appropriately while bringing clarity to worker classification.

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