DOL Final Rule Updating VFCP Has Left OMB

Department of Labor (DOL) guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget. According to the abstract filed with OMB, the VFCP is designed to encourage the voluntary correction of fiduciary violations by permitting persons to avoid potential civil actions and civil penalties if they take steps to correct identified violations in a manner consistent with the VFCP. The amendments will expand the scope of some transactions currently eligible for correction and streamline correction procedures for certain others. Proposed amendments were released in November 2022.

This guidance will be reviewed once it is released.