The National Association of Securities Dealers has published guidelines to help members develop appropriate variable annuity sales practices.
The guidance, published last week, identifies "best practices" in five categories: customer information, product information, liquidity and earnings accrual, investment and tax-qualified accounts, and variable annuity replacements.
Lawrence Kosciulek, an assistant director of the NASD's regulatory unit, said the notice would be a "useful tool."
"In concept firms should be doing the same things, but how they do them is their call," he said.