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U.S. Securities and Exchange Commission

The following Letter Type O, or variations thereof, was submitted by individuals or entities.

Letter Type O:

File No. S7-14-08

I am a member of the Financial Planning Association, and I support the proposed rule regarding SEC oversight of Indexed Annuities. There have been too many cases of the elderly being abused by unregistered and unregulated salesmen.

  • the rule is a reasonable and balanced approach to enhancing state enforcement efforts
     
  • the vulnerable aging population needs additional protection from aggressive sales agents
     
  • consumers are often mislead regarding the benefits of an indexed annuity
     
  • liquidity risks, surrender charges, and other suitability factors are not always clearly disclosed or understood
     
  • not all states have adopted suitability standards for annity sales, nor do most insurance commissioners have adequate enforcement resources available
     
  • some agents misrepresent themselves as offering a single retirement solution when in fact retirement planning is generally a complex planning process
     

Thank You,

 

 

http://www.sec.gov/comments/s7-14-08/s71408-3121.htm


Modified: 12/15/2008