I know...They always call for more regulation ignoring the fact that existing regulations should still have caught wrong doing except for the true lack of oversight by the regulators.Recent history shows that apparent regulatory mishaps are followed by claims of inadequate staff and authority, combined with continual proposals for more control.
This is the same question I have. I think the possibilty exists that we might be looking at shutting the barn doors after the horses have already left...The B/D has a written policy in place and as the person that was doing my audit was happy to tell me, FINRA requires each Broker Dealer to have written supervisory procedures if we are audited by FINRA and found to not follow the WSPs we can be fined FINRA gives equal weight to the WSPs so if the B/D says I need to use black trash bags and I use clear ones I know that example is absurd but my guess is once the big cheese sings this there will not be any calls from the home office saying you can now sell any FIA annuity you want and you don't have to run it by the B/D.Well.. If I read it correctly, the amendment isn't quite dead yet until we get the darn head cheese to put ink to paper. It's suppossed to be done today before they leave for 7/4 break.
Question is though: With 151A dead is that going to open up the channels for securities agents trying to write Fixed business to have a balance portfolio, but have B/Ds with only a small list of "approved" Fixed carriers if any at all. Hopefully this will prevent the B/D from being in the agents pocket and allow them to be full service to their client without limitations on their product options.
