More On Legal & Compliancefrom The Advisor's Professional Library
- Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.
- Anti-Fraud Provisions of the Investment Advisers Act RIAs and IARs should view themselves as fiduciaries at all times, whether they meet the legal definition or not. Deviating from the fiduciary standard of full disclosure while courting clients may cause the advisor significant problems.
The payment is the single largest the company has made to the Federal Reserve Bank of New York, and brings the total owed including principal and interest to approximately $21 billion.
Robert Benmosche, president and CEO of AIG, expressed confidence in the company's success.
"AIG is getting stronger every day. We still have more work to do, but we will finish the job and make sure we repay the American taxpayers," Benmosche said in a statement.
"Our insurance businesses are profitable; client retention rates have stabilized; and surrender rates have improved to normal levels. We are starting to see light at the end of the tunnel," he added.