Desperate for higher returns to cover their rising liabilities, plenty of pension funds have dumped their money into offshore hedge funds domiciled in places often thought of as tax havens — Bermuda, the British Virgin Islands, the Cayman Islands. But the dark secret to all of this is that these hedge funds typically underperform the S&P, so they’re not even a great investment. What’s more, they are very lightly regulated, to the point where independent directors of funds that have already failed continue to wield regulatory influence over those that have not…yet.
NAIC leaders say one goal should be to get patients out from the middle of 'surprise bill' disputes.
Industry execs speculate on what to expect from regulators once the rule goes into effect.
The firm failed to ensure that clients received sales charge and fee waivers they were entitled to, FINRA says.
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