[ad_1]
The Monetary Trade Regulatory Authority has ordered Voya Monetary Advisors to pay a $500,000 advantageous and settle for FINRA censure in reference to allegations involving gross sales of variable common life insurance coverage.
FINRA asserts that Voya paid about $2.9 million from March 2018 by September 2019 to an unregistered restricted legal responsibility firm in reference to the VUL gross sales.
The LLC was owned primarily by an agent who was not registered with FINRA, the regulator says.
Voya acquired about $8.7 million in gross compensation associated to the VUL gross sales, paid compensation to its personal registered reps, paid $2.9 million to the LLC and ended up with $545,000 of the gross compensation.
The association violated a FINRA rule that prohibits member corporations from making funds to individuals that aren’t registered as broker-dealers and needs to be registered, in line with a FINRA letter summarizing the allegations.
[ad_2]
