SEC halts Prudential Plan’s dealer’s license

THE Securities and Exchange Commission (SEC) has suspended the dealer’s license of pre-need firm Prudential Plans Inc. for failure to meet its capital and trust fund requirement.

SEC chairman Fe Barin told the Senate committee on trade, chaired by Senator Mar Roxas III, on Monday that Prudential’s proposed capital and trust fund requirements were not eligible to the commission.

“At this point in time, their requirements are not eligible,” Barin told the Roxas committee that resumed its investigation on the pre-need industry.

“That’s why the commission on Friday decided that until the Prudential completes the requirements, their license–the dealer’s license–is suspended,” she said.

Of the 24 SEC-registered pre-need firms, only the Prudential Plan and Coco Plans met the April 15 deadline set by the commission for the filing of proposals for capital and trust fund build-up.

Barin also said the commission also enforced a moratorium in the registration of pre-need firms and continued monitoring the 24 registered firms. PNA


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