The Financial Industry Regulatory Authority (FINRA) is seeking a significant fine from MetLife Inc.’s broker-dealer unit, because of their probe into possible violations in connection with variable annuities. MetLife allegedly violated securities rules including misrepresentations, suitability and supervision in connection with the sales and replacements of variable annuities and certain riders to those annuities. FINRA said it would recommend disciplinary action, according to a filing on September 25th. MetLife claims its legal costs in reserve was as much as $425 million this year.
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