The Financial Industry Regulatory Authority ("FINRA") has reported that the number of arbitration cases related to the sale of variable annuity products increased from 47 cases in 2008 to 123 cases in 2009.
Overall, the number of arbitration cases surged 43% to 7,137.
This increase in investor grievances is not surprising given what a difficult year 2009 was for many.
Investment News reports that many of the variable annuity cases involve "products with risky subaccounts and clients over age 60 with 10% - 25% of their net worth in the annuity.
Source: Investment News
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