On Jun. 15, FINRA fined Park Avenue Securities $300k re annuities.
- Failed to address suitability for sales of different variable annuity share classes.
- No surveillance to see if representatives had potentially inappropriate VA rates.
- Did not provide training to representatives to sell on the various share classes.
- Did not establish, maintain and enforce, a supervisory system and procedures.
- Findings stated that firm’s sales of variable annuities included L-share contracts.
- Subsequently sold fewer L-share contracts, and ceased selling L-share contracts.