Unsuitable L-Share Annuity Lawyer - Law Offices of Robert Wayne Pearce

Nov 25, 2016

FTB Advisors Fined for Variable Annuity Supervisory Failures

FTB Advisors, Inc., headquartered in Memphis, TN, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1986, FTB Advisors currently has 355 associated persons and 82 branch offices. FINRA found that from January 2013 to December 2014, FTB Advisors failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Further, FINRA found that FTB Advisors failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that FTB Advisors allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 21, 2016

VSR Financial Services Fined for Variable Annuity Supervisory Failures

VSR Financial Services, Inc., headquartered in Overland Park, Kansas, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1984, VSR Financial Services currently has 215 registered representatives and 58 branch offices. FINRA found that from January 2013 to December 2014, VSR Financial Services failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Additionally, FINRA found that VSR Financial Services failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that VSR Financial Services allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.

Nov 18, 2016

Summit Brokerage Services Fined for Variable Annuity Supervisory Failures

Summit Brokerage Services, Inc., headquartered in Boca Raton, Florida, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise the sales of variable annuities, specifically L-share variable annuities. Registered with FINRA since 1994, Summit Brokerage Services currently has 864 registered representatives and 428 branch offices. FINRA found that from January 2013 to December 2014, Summit Brokerage Services failed to establish, maintain, and enforce an adequate supervisory system to identify red flags related to the sale of L-share variable annuities. Additionally, FINRA found that Summit Brokerage Services failed to provide its registered representatives with proper training and guidance on suitability considerations for these variable annuities. According to FINRA, the L-share annuities are a complex investment product that is only suitable for a narrow class of investors and that Summit Brokerage Services allegedly failed to provide its registered representatives with appropriate guidance to discern this class of investor.