In today's WSJ Fund Track column
, Daisy Maxey, reports that a new FINRA rule may deter the sale of inappropriate deferred variable annuities. Elisse Walter, senior executive vice president for regulatory policy and programs at FINRA, tells Maxey that the regulatory body has been aware of sales of products with high surrender charges and long lock-up periods. The new rule requires B-Ds to make a reasonable effort that customers are sold an appropriate annuity, taking into account a consumer's age, income, situation and need.
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