The Financial Industry Regulatory Authority has imposed fines on two insurer affiliates in connection with allegations that they failed to protect customer information.
FINRA, Washington, says Lincoln Financial Securities Inc., Concord, N.H., a company previously known as Jefferson Pilot Services Corp., has agreed to pay $450,000 to settle the matter.
Lincoln Financial Securities agreed to the settlement without either admitting or denying the FINRA findings, according to a copy of a letter of acceptance posted on the FINRA website.
A related company, Lincoln Financial Advisors Corp., Fort Wayne, Ind., agreed to pay a $150,000 fine.
Like Lincoln Financial Securities Lincoln Financial Advisors has agreed to settle the matter without either admitting or denying the FINRA findings.
Lincoln Financial Securities and Lincoln Financial Advisors are subsidiaries of Lincoln National Life Insurance Company, which is, in turn, a unit of Lincoln National Corp., Radnor, Pa. (NYSE:LNC).
FINRA found that current and former employees of the firms could get to customer account records through any Web browser by using shared login credentials.