LPL Financial to Pay $11.7 Million FINRA fine

    

LPL Financial Holdings will pay $11.7 million for failing to supervise sales on complex structure products like nontraditional exchange traded funds according to FINRA.

"LPL's supervisory breakdowns resulted from a sustained failure to devote sufficient resources to compliance programs integral to numerous aspects of its business," said Brad Bennett, FINRA’s executive vice president and chief of enforcement, said in announcing the fine. “FINRA reaffirms that there is little room in the industry for lax supervision and that it will not hesitate to order firms to review and correct substandard supervisory systems and controls, and pay restitution to affected customers.”

More here: http://www.wsj.com/articles/lpl-financial-to-pay-11-7-million-to-settle-finra-charges-1430921757

Comments