Securities Lawyers Blog
The Financial Industry Regulatory Authority (FINRA) announced that it has fined eight brokerage a total of $6.2 million for failing to supervise sales of variable annuities (VAs). Five of the firms were required to pay more than $6 million to customers who purchased L-share variable annuities that came with potentially incompatible, complex and expensive long-term minimum-income and withdrawal riders.
FINRA’s enforcement actions were against the following firms.
- VOYA Financial Advisors Inc. – fined $2.75 million.