Finra fines Horner Townsend & Kent $275,000 over VA sales

Firm also censured for failure to supervise share class recommendations

Nov 15, 2017 @ 1:27 pm

By InvestmentNews

The Financial Industry Regulatory Authority censured Horner Townsend & Kent and fined the Horsham, Penn.-based firm $275,000 for failure supervise its brokers' sales of variable annuities.

Specifically, Finra said that the firm had not adequately supervised sales of L-share variable annuities, which have longer surrender periods and higher fees than B shares.

Finra said these activities took place between April 2013 and June 2015. During that period, Finra said that 7,398 or 46.7% of the 15,815 VA contracts sold to its customers were L-share contracts.

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