The broker recommended more than 100 registered index-linked annuity (Rila) transactions, many involving exchanges of existing Rilas or other securities.
Finra has censured and fined World Investments US$100,000 over its failure to comply with Regulation Best Interest (Reg BI), according to a letter released by the self-governing body on Monday. The Lincroft, NJ-headquartered broker recommended over 100 Rila transactions between April 2022 and November 2023. Many of those included recommendations that its retail customers sell existing Rilas or other securities (including variable annuities), or non-securities products (including fixed annuities