TIAA Changes Sales Materials After In-House Probe, CEO Ferguson Says
May 17, 2019 by Leslie P. Norton
TIAA has concluded its in-house investigation following two November 2017 New York Times articles alleging improper sales practices at the financial services company, and has made some alterations to its sales materials, TIAA chief executive Roger Ferguson told Barron’s in an interview. While its internal probe didn’t find “any systemic support for the central allegations of those articles,” regulators still have ongoing reviews, Ferguson added.
“We did an internal review, and we completed that about a year later,” in late 2018, Ferguson said in an interview. However, regulators “are undertaking their own review and … may come to a different point of view. They continue to make inquiries of us. They ask for documents and to talk to our people. And we continue, most importantly, to give them our full cooperation.”
