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In a written complaint received by the Firm on June 5, 2023, client alleged that they did not understand that they were purchasing an annuity and could not access their money from a Guaranteed Lifetime Income Annuity (GLIA) they purchased in April 2021 from Bankers Life and Casualty Company (BLC), an affiliated insurance company, without surrender fees. The client requested to cancel the policy and a return of their funds without penalties. A review of the recommended transaction was completed, and based on the client's financial objective, time horizon and risk tolerance were found to be in line with the client's stated investment goals. The client was advised of the 10-year surrender schedule on the Suitability Form the client signed. The client was advised on the options for taking withdrawals and turning on income stream, if requested. BLC denied the allegations and advised the client of the remaining surrender schedule if they wish to surrender the annuity. While the annuity sold to the client was not a security and was issued by BLC, the Firm is reporting this complaint because the source of funding for the annuity came from the sale of securities recommended by a financial representative of the Firm.
Damage Amount Requested
$15,210.00
Broker Comment
The client has taken significant penalty free withdrawals over the last 2 years and still has a penalty free withdrawal available for this year. These actions do not support the client's allegations that they don't have access to their funds.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.