Receive our daily newsletter

Broker-Dealer Settles FINRA Charges for Supervisory Failures

A broker-dealer agreed to settle FINRA charges of failure to "establish, maintain and enforce a supervisory system, including written supervisory procedures . . . reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable NASD and FINRA rules."

According to FINRA, Planmember Securities Corporation ("Planmember") failed to sufficiently monitor the review of (i) variable annuity exchanges, (ii) consolidated reports, (iii) email and customer correspondence, and (iv) its registered representatives' business-related websites and social media.

Planmember agreed to a censure and a $90,000 fine.

Premium Content

Available only to Cabinet Premium subscribers.