FINRA has slammed 12 firms with more than $2.6 million in fines and ordered them to pay restitution totaling more than $4 million for failing to apply available sales charge discounts to customers' purchases of unit investment trusts. Seven of the 12 firms were bank broker-dealers or third-party marketers that partner with banks.
FINRA alleged that the firms failed to develop and implement procedures to ensure customers received appropriate discounts for their investments.
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access