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.

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