The Financial Industry Regulatory Authority (FINRA) is investigating MetLife for potential violations involving variable annuities.
According to InvestmentNews, “The probe focuses 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 said in the filing.”
FINRA is a self-regulatory agency that oversees the compliance of brokerage firms with securities laws and regulations. The agency will reportedly seek a hefty fine from MetLife if violations are uncovered.
Brokerage firms that sell such products are required to perform adequate due diligence on the investments to ensure a reasonable likelihood of success, and to evaluate whether the investments are suitable in light of the client’s age, net worth, investment experience, and investment objectives. Firms that fail to perform adequate due diligence, or that make unsuitable recommendations, can be held responsible for losses in a FINRA arbitration claim.
The foregoing information, which is publicly available here, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States. Our offices are located in Chicago, Illinois and Vero Beach, Florida.
If you’ve suffered significant investment losses in your MetLife brokerage account and would like discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.
For more information on The White Law Group, please visit the firm’s website at www.WhiteSecuritiesLaw.com.