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Merrill Violated Reg BI With $1.5M in Avoidable Fees: FINRA
News July 05, 2024 at 02:16 PM
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What You Need To Know
- Merrill offered fee waivers on certain new-issue products when purchased in advisory accounts.
- Reps recommended clients buy the products in brokerage accounts, making them ineligible for waivers, and then move them to advisory accounts, FINRA says.
- Merrill's failures to spot or prevent this conduct violated Reg BI, according to the regulator.
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