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Explorer ○○

SEC fines Morningstar $3.5 m for Conflict of Interest

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Contributor ○○○

Re: SEC fines Morningstar $3.5 m for Conflict of Interest

Are dues going up?

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Contributor ○

Re: SEC fines Morningstar $3.5 m for Conflict of Interest

It appears that you have to have a WSJ membership to read the article, which counts me out. Anyone who's read it - does it say what M* was 'alleged' to have done?

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Frequent Contributor

Re: SEC fines Morningstar $3.5 m for Conflict of Interest

https://www.ai-cio.com/news/morningstar-pay-3-5-million-sec-conflict-interest-penalty/

"Morningstar Credit Ratings was charged $3.5 million by the US Securities and Exchange Commission (SEC) after allegedly instructing its analysts to conduct both marketing and ratings functions at the company simultaneously.....That’s a conflict of interest, according to the US securities regulator. The SEC said that Morningstar had its analysts reach out to potential business clients with the intention to provide indicative ratings between 2015 and 2016.....The agency also stated that Morningstar had not written or established rules prohibiting its employees from following the rules in question, which is also a violation of the SEC’s policies....."

YBB
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Frequent Contributor

Re: SEC fines Morningstar $3.5 m for Conflict of Interest

I wish the SEC would sink its teeth into one of my pet peeves, i.e, insurance companies that continue to rip off the elderly on legacy Medicare Supplement Plans that are very much more expensive than the present Medicare Supplement Plans (Alphabet soup Plans A, B, G, N etc.).  The insurance companies should be held to a fiduciary standard to ensure the elderly have the most cost effective plan for them.  I didn't realize this until I became Medicare eligible and I took over my mom's finances.  She had been paying $9K a year to a large, well-known insurance company and 2.5 years ago I was able to swap with an AARP/United Healthcare Plan F for $3K a year.  $6K savings a year for the exact same coverage.  This was unconscionable.  Shame on this insurance company.  I doubt they are the only ones.  

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Re: SEC fines Morningstar $3.5 m for Conflict of Interest

@PaulR888 

I think that only in some states can you switch to a new supplement without it being "underwritten".  I think CA, WA, and OR are some of those states.  And in CA, you can do it during open enrollment or on your birthday month.  We have always been with AARP/UHC and been quite happy with it.

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Explorer ○○○

Re: SEC fines Morningstar $3.5 m for Conflict of Interest

Post email addresses for discussion board members to write news stories about this, NY Times,  60 Minutes,ABC NEWS

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Re: SEC fines Morningstar $3.5 m for Conflict of Interest


@PaulR888 wrote:

I wish the SEC would sink its teeth into one of my pet peeves, i.e, insurance companies that continue to rip off the elderly on legacy Medicare Supplement Plans that are very much more expensive than the present Medicare Supplement Plans (Alphabet soup Plans A, B, G, N etc.).  The insurance companies should be held to a fiduciary standard to ensure the elderly have the most cost effective plan for them.  I didn't realize this until I became Medicare eligible and I took over my mom's finances.  She had been paying $9K a year to a large, well-known insurance company and 2.5 years ago I was able to swap with an AARP/United Healthcare Plan F for $3K a year.  $6K savings a year for the exact same coverage.  This was unconscionable.  Shame on this insurance company.  I doubt they are the only ones.  


For the first part of my retirement, I was on LaLoba's PERS (Oregon Public Employees Retirement System) supplemental Medicare insurance plan, which cost me, as I recall, about $3000/year.  After divorce, I moved to Pennsylvania.  No longer eligible for her plan, I did some research and found an Aetna, now Coventry, Medicare Advantage plan, which, for basically the same amount of coverage (copays, drugs, etc) as the PERS supplemental plan, accepted my monthly Medicare premium.  That is, I saved that $3000 additional cost itself!

That is, under her PERS, I paid my regular Medicare premium, taken from my monthly SS, PLUS an additional $3000/years.  Now I only pay my regular premium, for the same coverage.

ElLobo, de la casa de la toro caca grande
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Re: SEC fines Morningstar $3.5 m for Conflict of Interest

That is true. I had a shock when I changed states (moved from CA) and had to be underwritten. 


@gilvkona wrote:

@PaulR888 

I think that only in some states can you switch to a new supplement without it being "underwritten".  I think CA, WA, and OR are some of those states.  And in CA, you can do it during open enrollment or on your birthday month.  We have always been with AARP/UHC and been quite happy with it.


 

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Participant ○

Re: SEC fines Morningstar $3.5 m for Conflict of Interest

Somehow this thread got changed from Morningstar to Medicare; guess I dont see how they are related. 

I have always been suspect of all the M* recommendations made, funny how they few if any sell recommendations; its like they are paid to sell stocks and mutual funds.   Also, Medicare plans, the insurance companies are only looking out for No. 1.  And No. 1 aint you.

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