OREANDA-NEWS. September 02, 2015. Vanguard has submitted two comment letters on a U.S. Department of Labor (DOL) proposal affecting investment services available to retirement investors. Both letters contain recommendations to help ensure the affordability and availability of educational and advisory services.

The first letter addresses the DOL's proposed revision of its definition of "fiduciary" when providing investment advice under ERISA. While Vanguard noted that it agrees the DOL should update the definition of investment advice leading to fiduciary status, the comment letter expressed serious concerns that, unless substantially changed, the proposal would limit access to important educational and advisory services for retirement investors, including plan participants.

The second letter addresses the DOL's proposed prohibited transaction exemptions under ERISA for fiduciaries providing investment advisory services. Vanguard encouraged the DOL to significantly streamline the conditions of the proposed new exemption to allow investors continued access to useful investment products and services.