01.11.23
Variable Annuity Replacements in FINRA's Crosshairs
by: Tracey Longo
Variable annuity contract replacements are the Financial Industry Regulatory Authority's (FINRA) radar, as a new report by the self-regulator on its 2022 exam findings shows a significant number of product switches have not been in customers’ best interests. Examiners are finding that a number of the replacements recommended by reps aren’t providing customers with a better deal but rather serve solely to generate fresh commissions for the rep and broker-dealer and additional fees such as surrender charges for the insurer, all of which the customer pays.
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