
The Financial Industry Regulatory Authority fined metlife Securities, Inc. (MSI) $20 Million and ordered it to pay $5 million to customers for making negligent material misrepresentations and omissions on variable annuity (VA) replacement applications for tens of thousands of customers. Each misrepresentation and omission made the replacement appear more beneficial to the customer, even though the recommended vas were typically more expensive than customers' existing vas. For more info visit https://www.finra.org/media-center/news-releases/2016/finra-sanctions-metlife-securities-inc-25-million-negligent