FINRA Fines Three Firms for Mutual Fund Overcharges

FINRA fined three firms for failing to waive mutual fund sales charges for certain charitable and retirement accounts.

According to FINRA, the firms failed to supervise adequately the sale of mutual funds that offered sales charge waivers. FINRA found that the firms relied on financial advisors to waive charges for retirement and eligible charitable organizations' accounts without providing customers with critical information and training.

See: FINRA Press Release.