B-Ds say FINRA's variable annuity rule adds questions, paperwork

03/2/2009 | InvestmentNews (free registration)

FINRA implemented a rule in May that requires firms to perform suitability checks on variable annuities. Executives from broker-dealers, insurance companies and financial services firms say the rules are a burden. "The real impact of the rule is twofold: We have more questions and more paperwork," said Scott Stolz, president of Planning Corporation of America.

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