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March 18, 2015
Fidelity Brokerage Services of Smithfield, RI, Censured and Fined $350,000 by FINRA for Allegedly Overcharging Client Accounts $2.4 Million

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. […]

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