Wells Fargo Advisors Financial Network and Wells Fargo Clearing Services has agreed to pay over $2 million in restitution to customers, interest and fines, according to FINRA.
The fine comes as FINRA found Wells Fargo committed supervisory violations between 2011 and 2016 when more than 100 customers were recommended to switch from variable annuities to investment company products such as mutual funds and unit investment trusts.
Wells Fargo failed to properly oversee these recommendations even though its company policies mandate that supervisors review the suitability of any switch. Upon review, the supervisory system should have triggered a switch letter to the affected customers, which is another required act. The letters could have helped to confirm customers’ understanding of the switch, according to FINRA. FINRA found both firms did not have a switch alert set up, causing no letters to be created nor sent out.
“Firms must have a reasonable supervisory system in place to detect potentially unsuitable switches. Wells Fargo failed to meet this standard,” said Jessica Hopper, executive vice president and head of FINRA’s Department of Enforcement.
Wells Fargo, which neither admitted or denied the charges, has since developed a switch alert.
Affected customers incurred surrender fees and new sale charges from the product switches, and in some cases have less annual income because they were put in an unsuitable investment product. One customer sold her annuity at a surrender value of $126,681 and then paid a total of $10,601 in surrender fees and upfront sale charges, according to FINRA.
This means, you take one article, and you use the article distribution system. It will generate thousands of unique versions of your article, and publish those unique articles to hundreds of websites that are related to your niche.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, Awin network, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”
We use anonymous cookies and various 3rd-party services to optimise and to offer you a better, more personalised, browsing experience with advanced accessibility enhancements.
Dismiss
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
