Investigation into financial product

Massachusetts authorities are investigating Citizens Financial (NYSE:CFG) over the sale of financial products by its subsidiary, Citizens Securities, which includes Colorado Bankers Life Insurance (CBL).

The ongoing investigation is centered on the controlling shareholder of CBL, who is currently facing criminal charges. In response, North Carolina authorities have taken control of CBL and temporarily suspended payment of fixed annuities. This has caused concerns for customers who have invested in the affected financial products.

Following the investigation, CFG stopped selling CBL's fixed annuities in October 2018. Currently, the bank is closely monitoring the rehabilitation and liquidation proceedings in North Carolina. While customers cannot access their CBL annuity funds at the moment, CFG has implemented liquidity programs to help those who are experiencing financial difficulties.

Despite the ongoing investigation, CFG is committed to supporting its affected customers and minimizing any negative impacts. The bank has emphasized that it performed appropriate due diligence on CBL and received high ratings from industry experts such as AM Best and ALIRT Insurance Research.

Overall, CFG has been proactive in responding to the situation, and customers can be assured that the bank is doing everything it can to protect their interests. The bank will continue to closely monitor the situation and provide updates as necessary to maintain customer trust and transparency.