NU Online News Service, April 27, 2004,12:00 p.m ? The National Association of Securities Dealers has proposed a new rule that would impose stricter requirements on financial advisors selling deferred variable annuities.[@@]
NASD’s board of governors in Washington has proposed new sales practice standards and supervisory requirements, tighter rules requiring disclosure to clients and more training for financial advisors selling VAs.
NASD says the proposed rule would address concerns that some advisors have been making unsuitable recommendations to certain clients about deferred VAs.