NAIC Complaint Data for Fixed Annuities Very Low in Contrast to Securities
January 6, 2012
NAFA continues to spread the word with the media and with regulators that indexed annuities have been misunderstand and mischaracterized for years. Now the consumer data is in to further cement the popularity of this valuable retirement product. NAIC Data updated on December 26, 2011, shows only 84 complaints on the traditional Fixed Annuity side, and 7 concerning FIAs. In stark contrast, a new article by Kelly Greene at the Wall Street Journal “Boomers Wearing Bull’s-Eyes” goes into considerable detail concerning the 1,241 criminal complaints and cease-and-desist orders which resulted from securities sales.