The Financial Industry Regulatory Authority (FINRA) is investigating MetLife for its sale of variable annuities. According to the regulatory body, they are focusing on potential violations “regarding alleged misrepresentations, suitability and supervision in connection with sales and replacements of variable annuities and certain riders on such annuities. MetLife could potentially be fined and the investigation could lead to possible disciplinary actions. A variable annuity is an insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. The portfolio generally invests in equity securities and its performance determines the amount of this total payment. Variable annuities are not suitable for every investor and can be associated with a lot of risk.
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