Fidelity Brokerage Services LLC (CRD #7784, Smithfield, Rhode Island
was censured and fined $350,000 by FINRA for allegedly overcharging 20,663 client accounts approximately $2.4 million.
FINRA's findings stated that Fidelity Brokerage Services did not have reasonable supervisory systems or procedures to ensure that clients were charged accurate fees for accounts managed by third-party investment advisors. This resulted in erroneous and duplicate fees charged in certain clients accounts utilizing asset-based pricing, duplicate fees in certain customer accounts managed by third-party wrap providers, and erroneous markups on certain fixed income investments. Fidelity Brokerage Services voluntarily reimbursed the disadvantaged customer accounts, with interest.
Also, FINRA stated that Fidelity Brokerage Services failed to establish an adequate supervisory system and written procedures reasonably designed to ensure that customers received accurate disclosures relating to its Asset-Based Pricing Program for accounts managed by third-party investment advisors and to monitor billing in these fee-based brokerage accounts to ensure that clients were charged in accordance with Fidelity Brokerage Services' disclosures.
(FINRA Case #2012034916901)
The above summation of information was obtained on FINRA's website "Disciplinary and Other FINRA Actions March 2015," and ends here.
If feel your broker/brokerage inappropriately overcharged your account, Soreide Law Group offers investors a free consultation and portfolio analysis to decide if you have legal grounds to pursue a FINRA arbitration. To speak with a lawyer at no cost call: (888) 760-6552.
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