In its 2023 Annual Report, the SEC Office of the Investor Advocate detailed its Fiscal Year 2023 efforts on investor outreach, responding to investor inquiries, and engaging in substantive research on (i) registered index-linked annuities and (ii) mandatory arbitration clauses in investment advisory agreements.
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A formerly registered broker-dealer settled FINRA charges for failing to supervise the suitability of sales of variable annuities to customers.
A broker-dealer settled FINRA charges for failing to (i) reasonably monitor, investigate and act upon red flags concerning variable annuity exchange recommendations and (ii) monitor use of external email and preserve business-related emails.
A Minnesota-based broker-dealer settled SEC charges for improperly switching variable annuities in violation of SEC rules on offers to exchange securities.
A broker dealer settled FINRA charges for supervisory violations over the firm's variable universal life insurance contracts and mutual fund business.