Lincoln Investment a brokerage firm with headquarters in Fort Washington Pennsylvania has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) based on consenting to findings that it failed to supervise the rates in which registered representatives made variable annuity exchanges. Letter of Acceptance Waiver and Consent No. 2017052410201 (Sept. 25, 2018).

According to the AWC, a substantial amount of variable annuities had been sold by Lincoln from August 1, 2015 to September 1, 2017. Evidently, variable annuity sales accounted for twenty percent of the revenue generated by the firm in 2017. The firm was reportedly examined by FINRA in 2017, where it determined that Lincoln did not establish any adequate procedures for monitoring the rates of variable annuity exchanges prompted by the firm’s registered representatives.

The AWC stated that unless Lincoln was the broker of record, the exchanges had not been tracked by the firm. As a result, variable annuity exchanges had not been tracked by the firm in situations where Lincoln was not the broker on the annuity that had been exchanged from another broker to a Lincoln annuity. FINRA estimated that more than two thousand eight hundred variable annuity exchanges had not been evaluated by the firm’s surveillance procedures. FINRA found the firm’s supervisory failures to be violative of FINRA Rules 2010, 3110 and 2330(d).

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