DOL Fiduciary News: July 29, 2016
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Jackson National, Prudential cease sale of some L-share variable annuities
InvestmentNews; July 28, 2016 @ 1:48 pm
Two of the largest variable annuity product manufacturers are ceasing the sale of some L-share VAs, which have attracted the watchful eye of regulators and whose suitability has been further questioned given new Labor Department regulations governing investment advice in retirement accounts.
Jackson National Life Insurance Co. and Pruco Life Insurance Co., an annuity unit of Prudential Financial Inc., have announced the closure of L-share sales in certain variable annuities, according to filings with the Securities and Exchange Commission.