On May 2, FINRA fined Axa for lying to 401k sponsors, members. AXA Advisors, LLC, misrepresentations to 401(k) plan sponsors and participants. Firm sells and services, group annuity contracts for employer-sponsored 401(k) retirement plans that an affiliated life insurance company issues and administers. Alleged Violations AXA advised employers to help determine what funds should be…
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DoJ Company Compliance Role
On Apr. 30, 2019, DoJ issued updated guidance on evaluating corporate compliance programs, and additional context for a multifactor analysis of compliance programs. Discussed factors for well-designed compliance program, risk assessments, policies and procedures, training and communications, confidential reporting, investigations. Provided metrics of program operating effectively, program's capacity for continuous improvement, periodic testing, investigation, analysis…
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FINRA Advise Imposter Websites
On Apr. 29, FINRA issued information notice on imposter websites. Member firms notified FINRA that they have been victims of imposter websites, sites designed to mimic firm's actual website, goal of committing financial fraud. Imposter Websites Obtain existing or potential client personally identifiable information (PII), login credentials, that website sponsors subsequently use to engage in…
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