On Tuesday, FINRA announced a $25 million sanction against MetLife Securities stemming from what it described as a systematic failure to accurately represent the features of different variable annuities to clients and to vet the replacement applications submitted by registered representatives.
It was the largest fine FINRA has levied against a firm for misconduct involving variable annuities, and the second-largest the industry regulator has imposed on a company in any matter, a FINRA spokeswoman said.
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