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The Financial Industry Regulatory Authority Inc. fined H. Beck $400,000 on November 20, 2018 for failing to maintain and enforce its own written supervisory procedures. Failing to maintain their procedures has resulted in the unsuitable sale of L-share variable annuities tied to long-term riders. H. Beck is an independent broker-dealer…
The Financial Industry Regulatory Authority (“FINRA”) fined eight firms, including VOYA Financial Advisors (CRD# 2882) (“VOYA”) and five broker-dealer subsidiaries of Cetera Financial Group (Cetera Advisor Networks LLC (CRD# 13572)), for failing to supervise sales of variable annuities (VAs). The eight firms are required to pay a fine of $6.2…