The Department of Banking News Bulletin
Bulletin # 2524
Week Ending July 6, 2012
This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.
STATE BANK ACTIVITY
Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
Bank of England
*979 Farmington Avenue
Berlin, CT 06037
|* Limited Branch - LPO|
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
On July 5, 2012, the Banking Commissioner entered a Consent Order with respect to UVEST Financial Services Group, Inc. of Charlotte, North Carolina. The firm was formerly registered as a broker-dealer under the Connecticut Uniform Securities Act. The Consent Order followed a multistate investigation, capped by a global settlement, into unregistered broker-dealer and investment advisory activity by Bankers Life and Casualty Company and BLC Financial Services, Inc. (together, “Bankers”). UVEST Financial Services Group, Inc. had entered into an agreement with Bankers to provide brokerage and investment advisory services out of Bankers Life branch locations using the services of dual insurance and securities agents. The involvement of Bankers in securities-related roles led to confusion in the reporting and responsibility hierarchies between Bankers and the broker-dealers with whom it contracted. The Consent Order alleged that UVEST Financial Services Group aided in Bankers’ unregistered activity.
The Consent Order directed UVEST Financial Services Group, Inc. to cease and desist from materially aiding in violations of the Act and fined the firm $14,150.94 which represented Connecticut’s proportionate share of the $750,000 global settlement amount involving UVEST Financial Services Group, Inc.
Dated: Tuesday, July 10, 2012
Howard F. Pitkin