FINRA Fines Bank B-Ds For Variable Annuity Sales
Jul 24th, 2009 | By Charles L. Stanley CFP® ChFC® AIF® | Category: News
The Financial Industry Regulatory Authority (FINRA) has fined five bank broker-dealers a total of $1.65 million for deficient supervision and procedures related to variable annuity (VA), mutual fund or unit investment trust (UIT) transactions.
Brokers at each of the firms operated out of branches of affiliated banks, selling VAs, mutual funds or UITs to bank customers, who, in many instances, were elderly. The brokerage customers were referred by bank personnel, and sales of these financial products represented a significant portion of each firm’s business.
For the rest of this story…
FINRA Fines Bank B-Ds For Variable Annuity Sales
Posted using ShareThis
“Forewarned is Forearmed: How to Purchase an Annuity (or not) You Will Never Regret!” is a valuable resource for those contemplating the purchase of an annuity. If your local bank investment sales person is pushing the idea of an annuity, be sure to do your homework and read “Forewarned is Forearmed” first. Click on the hyperlink to read more about “Forewarned is Forearmed.”
"Investor Education for Main Street America"
