Barclays to Pay $13.75 Million to Settle Case Over Mutual FundsBy
Barclays Capital failed to stop 6,100 unsuitable switches between mutual funds on behalf of its customers over a five-year period that ended in June, resulting in $8.6 million of customer harm, the Financial Industry Regulatory Authority said on Tuesday.
The brokerage firm unit of the British bank will pay $13.75 million to settle Finra’s investigation into whether it improperly switched customers in and out of certain mutual funds in violation of suitability standards…
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