FINRA Fines Fidelity Brokerage $350,000 for Overcharging Customers

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The Financial Industry Regulatory Authority (FINRA) fined Fidelity Brokerage Services LLC of Smithfield, Rhode Island $350,000 for overcharging 20,663 customer accounts approximately $2.4 million. Fidelity submitted an Accept, Waiver and Consent form (AWC) without admitting or denying the FINRA findings which indicated that the firm failed to employ reasonable supervisory systems or procedures to ensure that customer fee charges for third-party managed accounts were accurate.  In addition, Fidelity voluntarily reimbursed the disadvantaged customer accounts, with interest. FINRA also discovered that Fidelity failed to institute suitable supervisory systems and written procedures to confirm that customers received accurate disclosures involving the firm’s Asset-Based Pricing Program for accounts managed by third-party investment advisers. If you would like more information, please fill out the form on the right or contact the following attorney: Andrei Rado, Esq. Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: Milberg LLP has been representing consumers and investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States.

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