FINRA Hits Woodbury With Fine Over Annuity-Related Failures
July 19, 2019 by Jeff Berman
The Financial Industry Regulatory Authority fined Woodbury Financial Services $225,000, claiming the firm’s system for supervising additions to existing variable annuities wasn’t reasonably designed to achieve compliance with applicable securities laws and FINRA rules, including those governing suitability.
The problem “affected more than 3,800 transactions” from June 2013 until June 2015, violating NASD Rule 3010 (for conduct before Dec. 1, 2014) and FINRA Rule 3110 (for conduct on and after Dec. 1, 2014), according to FINRA.
Woodbury submitted a letter of acceptance, waiver and consent to FINRA in which the firm was censured and agreed to the $225,000 fine, but didn’t admit or deny the findings, according to FINRA.
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