MetLife Inc., the biggest life insurer in the country, said that FINRA will seek a “significant fine” from the company’s broker-dealer unit as part of an investigation into potential violations relating to variable annuities.
MetLife stated that it is cooperating with the investigation.
The examination centers on possible violations “regarding alleged misrepresentations, suitability, and supervision in connection with sales and replacements of variable annuities and certain riders on such annuities,” according to MetLife.
FINRA wants to protect against abuses in the sale of retirement and savings products. It told MetLife in late September that it would recommend disciplinary action.
MetLife spokesman John Calagna stated, “We strongly disagree with the conclusions reached by FINRA, and we will defend ourselves vigorously.”
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