Cambridge to Pay $280K Over Annuity Switches
April 7, 2026 by Melanie Waddell
Wink’s Moore on the Market: Cambridge Investment Research, Inc. is being fined the equivalent of 1.2 variable annuity cases for failing to properly track variable annuity exchanges.
(That will teach them.) >>>snarky tone here.<<<
1. I did not know that Cambridge is in Iowa; and
2. Paying surrender fees on annuities is not always a bad thing.
Oh, FINRA…I can think of a few reasons why paying surrender charges on an existing annuity may put the client in a better position.
How about you? -sjm
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Cambridge Investment Research has agreed to pay a $150,000 fine to the Financial Industry Regulatory Authority and $129,939 in restitution plus interest to affected customers for failing to surveil rates of deferred variable annuity exchanges.
According to FINRA’s order, from at least January 2018 to February 2025, Cambridge lacked a supervisory system, including written supervisory procedures, to monitor rates of such exchanges.
