WASHINGTON – Answering critics who claim the Labor Department caved to industry interests in issuing its final fiduciary rule, a top official countered that the new regulations will result in “major reform," while not ruling out additional government action.

The department will closely monitor the rule as it is implemented, "and if we think there is some continued abuse that hasn't been adequately addressed, we'll figure out what to do," Timothy Hauser, a deputy assistant labor secretary, told Financial Planning.

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