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Westlaw News

Transamerica Financial to pay $8.8mln over annuity sales

Transamerica Financial Advisors Inc agreed to pay $8.8 million for failing to supervise its brokers’ sales of variable annuities and other complex investments to customers, the Financial Industry Regulatory Authority said on Monday.

According to FINRA, the securities industry’s self-regulatory organization, Transamerica failed to reasonably supervise its brokers’ annuity sales between May 2010 and May 2016, despite the products accounting for more than 40% of the firm’s revenue, and had similar shortcomings affecting its sales of mutual funds and college savings plans.

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