FINRA has fined Fifth Third Securities $1.75 million for a series of violations related to variable annuity sales and exchanges.

FINRA said the brokerage made 250 unsuitable sales and exchanges to 197 customers through 42 individual brokers. FINRA also said Fifth Third didn’t have adequate supervisory systems or procedures to sell and exchange annuities.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.