A pair of investigative reporters from The Wall Street Journal took a closer look at comments posted to the DOL’s website that are critical of the fiduciary rule. The results were concerning, to say the least.
“A significant number of fake comments appear among thousands criticizing a proposed federal rule meant to prevent conflicts of interest in retirement advice,” the paper reported. “Many of the comments weren’t written by the people they were attributed to, the Journal analysis found.”
Robert Schubert, of Devon, Pennsylvania was identified as one of the alleged commenters. He supposedly wrote, “I do not need, do not want and object to any federal interference in my retirement planning.”
Schubert claimed he made no such posting, telling the reporters, “I am disgusted that people can post comments using my name.”
Schubert was among 50 people who responded to a survey last week conducted by research firm Mercury Analytics for The Journal—20 of whom said they didn’t post the comment listed under their name, address, phone number and email.
In a bit of confusion within the piece, the Journal noted, “The fiduciary rule has been fiercely opposed by brokerage firms, insurance companies and mutual fund providers that worry it will make it difficult to sell lucrative financial products that come with high fees.”
However, in subsequent paragraphs it added:
“The rule so far has been a boon to the brokerage industry because firms have been pushing customers toward accounts that charge an annual fee on their assets—rather than commissions that can violate the rule. These fee-based accounts typically are more lucrative for the industry.”
The DOL was far from the only agency to experience the fake comment problem. The Journal also found fraudulent postings at the Consumer Financial Protection Bureau, Federal Energy Regulatory Commission, Securities and Exchange Commission and the Federal Communications Commission.