Investment Professionals

CEJ and CFA Urge NAIC Not to Adopt Fake Best Interest Standard

With annuity industry groups pressuring the NAIC to approve its current draft of a new “best interest” standard for annuities sales, Center for Economic Justice and CFA wrote to members of the NAIC warning that the current draft would leave consumers worse off by misleading them into expecting best interest recommendations that the standard does not deliver. The groups outlined critical weaknesses in the proposal, which they urged NAIC to fix before finalizing the model standard.