For a second time, the Financial Industry Regulatory Authority Inc. has censured and fined Cambridge Investment Research over problems with its supervision of sales of unit investment trusts (UITs).
Finra imposed a fine of $150,000 for failing to “establish and maintain a supervisory system,” failing to reasonably supervise short-term trading of UITs and mutual fund Class A shares, and failing to ensure that customers received available mutual fund break-point discounts. The fine and censure covered the period between July 2013 and January 2017.
In April 2015, Cambridge entered into a letter of acceptance, waiver and consent with Finra in which it agreed to a censure and fine of $250,000 for failing to apply “rollover” and exchange discounts to customers with eligible UIT purchases between January 2008 and November 2013.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
