Articles Tagged with Voya

In the wake of regulator scrutiny, Voya Financial Advisors is once again placing restrictions on its sale of variable annuities. The regulators are wondering whether the products are appropriate for investors who are saving for retirement. Variable annuities have been getting a lot attention from regulators from FINRA, the U.S Securities and Exchange Commission, and the Labor Department, which oversees retirement benefit plans that provide tax benefits and are sponsored by employers.

InvestmentNews reports that according to internal documents, Voya said that it would no longer approve the sale of C share variable annuity contracts if the contract has add-ons that cost extra. It was just last month that the firm placed the same restriction on variable annuity contracts involving L shares.

Zoya brokers will now have to provide clients with an analysis, prepared by Morningstar Inc., of each annuity contract’s cost in dollars. They also will have to get a client’s signature before selling the new annuity.
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