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Supervisory Failures Alleged in Wells Fargo Annuity Switches

September 10, 2020 by Louis Chunovic

Supervisory Failures Alleged in Wells Fargo Annuity Switches

The Financial Industry Regulatory Authority reports that Wells Fargo Clearing Services, LLC, and Wells Fargo Advisors Financial Network, LLC, two units of the San Francisco-based, multinational financial services company, will pay more than $2 million on charges of “supervisory violations related to variable annuity switches.” The Wells Fargo units will pay an additional $1.4 million… Read More >>

Filed Under: Securities Operations, Buy-Side, Data Management, Industry News, Operational Risk, Risk Management, General Interest, Governance, Diversity, Equity, and Inclusion (DEI), Back-Office, Standards, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Reporting Tagged With: annuities, Buy-side, compliance, fines, FINRA, operational risk, penalty, regulation, regulatory reporting, supervisory failures, Wells Fargo

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