Dear NAPFA: Don't Take a Position on a Political Issue...
...unless it's on financial issues that affect the markets, the economy or the well-being of your clients. The Indiana Religious Freedom Act doesn't pass that test.
FINRA Slaps 3 BDs for Consolidated Reporting Failures
Inadequate reporting controls raise risk that "unscrupulous representatives will provide inaccurate and misleading reports to their clients to conceal fraud and theft,” says FINRA's Bennett.
Bracing for the Next Wave of 401(k) Lawsuits
The 10 largest class-action settlements of ERISA claims topped $1.3 billion in 2014, almost 10 times the sum of the biggest settlements in 2013.
NAPA’s Deep Reservations About DOL’s Broker Rules
NAPA says it opposes any regulation that would hamper an advisor's ability to help retiring clients shift their savings to an IRA.
Distressed Debt Maven Lynn Tilton Charged With Fraud by SEC
Tilton and her firm, Patriarch Partners, hid poor loan performance from investors and collected almost $200 million in fees from CLO funds, SEC says.
6 Areas of Regulatory Focus From a Former FINRA Exec
What do “Birdman” and broker-dealers have in common?
Hearsay Updates Social Media Apps for Mobile Phones
Meanwhile, Socialware introduces a brand protection tool for financial companies.
FINRA Enforcement: Oppenheimer to Pay $3.75M for Failure to Rein In Broker
Meanwhile, FINRA fined Ameriprise Financial over a rep who hid a customer complaint.
Ameriprise Agrees to $27.5M 401(k) Settlement
The broker-dealer was accused of charging its employees high fees and using expensive proprietary funds.
IRI: VA Summary Prospectus Rule From SEC May Finally Be Coming
IRI, the annuity trade group, also sees the DOL's fiduciary plan advancing in early April.