The Financial Industry Regulatory Authority Inc. has censured RBC Capital Markets, fined it $550,000 and ordered restitution of $456,155 plus interest over actions involving high-yield bonds.
Finra said that from July 2013 through June 2016, RBC failed to identify for review more than 100 customer accounts with conservative profiles for potentially unsuitable concentrations of high-yield bonds. in a number of those accounts, Finra said, the holdings in high-yield bonds were more than six times the thresholds set by the firm.
RBC failed to do the reviews, Finra said, because of firm policies and procedures that did not sufficiently address suitability factors representatives should consider before recommending high-yield bonds. Also, Finra said the firm’s automated system to alert reps about possible overconcentration didn’t function as intended.
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
