Finra fines Park Avenue Securities $300,000 over variable annuity sales
April 12, 2018 by InvestmentNews
The Financial Industry Regulatory Authority Inc. has censured Park Avenue Securities and fined the firm $300,000 for problems in its supervision of variable annuity sales.
In a letter of acceptance, waiver and consent, Finra said that from Jan. 1, 2013 through March 3, 2015, Park Avenue “failed to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably designed to ensure that representatives’ recommendations concerning multi-share class variable annuities” where compliant.
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Originally Posted at InvestmentNews on April 11, 2018 by InvestmentNews.
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