Articles Posted in Annuities

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VALIC Financial Advisors, Inc. (“VFA”) and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 8, 2021, over supervisory and reporting violations. Specifically, FINRA found that:

  • Between January 1, 2017, and October 31, 2018, VFA failed to establish a supervisory system and written procedures for the surveillance variable annuity rates exchanges and for corrective action in case of inappropriate exchanges.
  • During this period, VFA also failed to establish a supervisory system and procedures for the review of transactions where a registered representative recommended that a customer invest additional funds into existing variable annuities.
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