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United Planners Censured, Fined over Supervisory Failures

United Planners Financial Services of America, based in Scottsdale, Ariz., was censured and fined by FINRA over supervisory failures on variable annuity sales.

Without admitting or denying the findings, United Planners Financial Services of America, consented to a $200,000 fine after FINRA found that that the firm failed to have in place a supervisory system for compliance over variable annuity transactions of field Office of Supervisory Jurisdiction supervisors. The firm permitted these supervisors to self-approve their own variable annuity sales, and the post-transaction review system, also inadequate, delegated to a principal the responsibility for reviewing and approving variable annuity sales, without providing guidance, procedures and tools or auditing.

A variable annuity an insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. Since the funds placed in a variable annuity are invested in the market, the income payments can vary depending on the performance of the managed portfolio.  Variable annuities are closely scrutinized by regulators because of the high commissions associated with the products, and because financial advisors sometimes inappropriately sell the products because of these high commissions.

If you have questions about a variable annuity you purchased from United Planners Financial Services of America or any other broker-dealer, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on the firm visit https://whitesecuritieslaw.com.

Tags: , , , , , , , , , Last modified: December 6, 2022