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 broker dealer settled FINRA charges for supervisory violations over the firm's variable universal life insurance contracts and mutual fund business.
A firm settled FINRA charges for failing to properly supervise certain types of variable annuity transactions and to monitor variable annuity exchanges.
A firm settled FINRA charges for failing to detect that its representative recommended an unsuitable investment strategy.
A firm settled FINRA charges for selling variable annuities without properly implementing the firm's written supervisory procedures on recommendations and sales.