Partner Barry Temkin was quoted in an article in Investment News, “Finra fines Prudential $1 million over inaccurate retirement-plan information,” discussing FINRA’s recent enforcement action resulting from an inquiry of Prudential Investment Management Services’ retirement plan disclosures.
He commented, “The case is another example of a regulatory focus on fees and expenses, although in this instance, fraud was not alleged in conveying the performance information. It just seems like the regulators feel there’s a sloppiness about the communications about fees and performance. The message is they want the funds and the broker-dealers to step up their game a little bit and make sure their communications with the public are more accurate.”