FINRA has announced that Barclays Capital, Inc. has submitted a Letter of Acceptance, Waiver, and Consent after findings showed the firm allegedly had inadequate supervisory systems and written supervisory procedures involving the sale of mutual funds to brokerage customers.
According to FINRA’s investigation, for at least 5 years, Barclays Capital, Inc.:
Failed in providing adequate supervisory guidance to ensure suitable mutual fund transactions
Failed in identifying unsuitable mutual fund transactions, such as switches
Failed in notifying clients of costs of switches
Incorrectly defined mutual fund switches
Failed in having a system to household or aggregate mutual fund purchases, ensuring customers received available breakpoint discounts
Barclays alleged actions were violations of NASD Rules 2310(a), 3010(a) and (b), and FINRA Rules 2010, 2111(a), and 3110(a) and (b). By submitting the AWC, Barclays consented to FINRA’s sanctions, including a $3,750,000 fine.
Do you believe you have a case against Barclays Capital, Inc.? See if you can file a claim and what you may be entitled to by scheduling your free case evaluation with our securities fraud attorneys at Meyer Wilson. Call today to get started.
The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .
Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
248-817-8214 41000 Woodward Ave., Suite 350 Bloomfield Hills, MI 48304
Quick Links
Menu
close
Follow Us
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.