The Securities and Exchange Commission (SEC) reports that it has charged Equitable Financial Life Insurance Company with fraud, “for providing account statements to about 1.4 million variable annuity investors that included materially misleading statements and omissions concerning investor fees.” Equitable has agreed to compensate harmed investors, most of whom are public school teachers and staff… Read More >>
FINRA Fines TFA for Alleged Supervisory Failures
FINRA, the financial services industry’s self-regulatory organization, reports that Transamerica Financial Advisors, Inc. (TFA) has “agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different products — variable annuities, mutual funds, and 529 plans.” FINRA also fined TFA an additional $4.4 million,… Read More >>
Delta Data Service Offers Automation for Proprietary Funds
Delta Data, a data management systems vendor for mutual funds, is launching a solution to help trust companies, retirement recordkeepers, insurance companies and broker-dealers with the construction, trade execution and administration of highly customized proprietary funds. The new Proprietary Product Manager (PPM) service will facilitate the development and maintenance of proprietary products such as collective… Read More >>
