Broker-Dealer Settles FINRA Charges for Failure to Apply Sales Charge Waivers

A broker-dealer agreed to settle FINRA charges for neglecting to identify and apply available sales charge waivers on mutual fund shares to eligible retirement accounts and charitable organizations. In addition, FINRA alleged that the broker-dealer failed to have an adequate supervisory system designed to ensure that eligible customers received applicable sales charge waivers.

According to the Letter of Acceptance, Waiver and Consent, FINRA acknowledged the "extraordinary cooperation" of Voya Financial Advisors, Inc. ("Voya") for having, among other things, (i) initiated an investigation to identify whether eligible customers received sales charge waivers during the period in question, and (ii) voluntarily expanded the "look back period" requested by FINRA. To settle the charges, Voya agreed to a censure and to provide remediation to affected customers.