Thursday 19, August 2010 by

Merrill Lynch to pay more than $2.5 million related to UIT sales charge discount failures

The Financial Industry Regulatory Authority (FINRA) said that it has fined Merrill Lynch $500,000 for failing to provide sales charge discounts to customers on eligible purchases of Unit Investment Trusts (UITs). FINRA also found that Merrill Lynch failed to have an adequate supervisory system in place to ensure customers received appropriate UIT discounts. The firm also agreed to provide remediation of more than $2 million to affected customers.

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