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Firm Violated Reg BI With Class A Mutual Fund Switches: FINRA
News September 16, 2024 at 11:58 AM
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What You Need To Know
- The short-term switches in Class A mutual funds violated Regulation Best Interest's care obligation, FINRA says.
- Class A mutual fund shares typically include substantial upfront sales charges and are only suitable as long-term investments.
- A rep recommended and made 25 short-term switches in two seniors' accounts, according to FINRA.
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