FINRA’s Focus on Variable Annuity Switches Continues

February 24, 2021 by Bruce L. Ashton, Sandra Dawn Grannum, James G. Lundy, David W. Porteous, Fred Reish Edward, J. Scarillo Jr.

On January 8, 2021, without admitting or denying the findings, VALIC Financial Advisors, Inc., (VALIC) entered into a settlement with FINRA Enforcement, through an Acceptance, Waiver and Consent (AWC) where the factual allegation was that between January 1, 2017, and October 31, 2018, the broker-dealer failed to “establish a reasonably designed system and written supervisory procedures for the surveillance of rates of [Variable Annuities] exchanges and for corrective action in the case of inappropriate exchanges, in violation of FINRA Rules 2330(d), 3110, and 2010.” VALIC agreed to a censure and a $350,000 fine. See VALIC Financial Advisors, Inc. AWC No. 2018060548501.

Click HERE to read the full story via The National Law Review

Originally Posted at The National Law Review on February 22, 2021 by Bruce L. Ashton, Sandra Dawn Grannum, James G. Lundy, David W. Porteous, Fred Reish Edward, J. Scarillo Jr..