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
- Failed in providing adequate supervisory guidance to ensure suitable mutual
- 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.