Prudential Fires Brokers on Tactics
Prudential Financial Inc., the second-biggest U.S. life insurer, fired some of its brokers because they may have failed to properly inform customers about risks involved in buying annuities, a violation of New York regulations.
Newark, N.J.-based Prudential, which paid regulator fines in 1999 and 2001 for sales practices related to variable annuities and life insurance, alerted the NASD, which regulates brokers, and New York’s Insurance Department after an internal probe last year found irregularities in how brokers switched customers from one annuity to another, a spokesman said.
Prudential shares rose 91 cents to $33.52 on the NYSE.
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