The Financial Industry Regulatory Authority Inc. (FINRA) charged SWS Financial Services Inc. with violating the rules requiring firms to have supervisory systems and written procedures to supervise variable annuity transactions. Allegedly, SWS allowed several variable annuity applications with no principal review for suitability. FINRA alleges that this occurred from Sept. 2009 to May 2011.
These are the five alleged charges facing SWS:
1. Inadequate supervisory systems and written supervisory procedures to supervise variable annuity business.
2. Inadequate supervisory reviews of variable annuity deals.
3. Failure to have registered principal review of variable annuities before submitting the application to the insurer.
4. Failure to have surveillance procedures to detect inappropriate variable annuity exchanges.
5. Failure to develop and document a specific training plan for supervisory review of variable annuity deals.
FINRA is seeking disciplinary action and monetary sanctions.
If you experienced investment losses due to a stock broker/financial advisor’s recommendations of annuities, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your variable annuity losses: 888-760-6552.
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