FINRA Tracks Down Shady VA
I am never a fan of annuities, but VA's are among the worst. Glad to see that MetLife is being exposed and taken to the woodshed on this.
MetLife to pay record Finra fine for misleading annuity customers
In that period, the company misrepresented or omitted at least one material fact in 72% of the 35,500 variable annuity replacement applications that the insurer approved, according to the statement. Still, the firm's principals approved the flawed applications more than 99% of the time, Finra said. Finra also found that the customers paid a substantial amount in “fees and charges,” even though such costs were typically listed as $0.00 in quarterly account statements. MetLife was fully reserved for the matter and cooperated with the regulator, said John Calagna, a spokesman for the insurer.
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.