RJ and Makay

Friday, May 25th

Open Positions | Careers | Privacy Policy | Bookmark | FAQ | Contact Us  

You are here: Tags handling fees
http://www.rjandmakay.com/components/com_gk2_photoslide/images/thumbm/537321header_1.jpg http://www.rjandmakay.com/components/com_gk2_photoslide/images/thumbm/963038header_2.jpg http://www.rjandmakay.com/components/com_gk2_photoslide/images/thumbm/981787header_3.jpg http://www.rjandmakay.com/components/com_gk2_photoslide/images/thumbm/923473header_4.jpg

RJ & Makay

Our view of news, events and human capital trends in the financial services industry.
Tags >> handling fees

FINRA cracks down on broker-dealers for excessive handling fees

Posted by RJ and Makay on Sep 09, 2011

The Financial Industry Regulatory Authority (FINRA) on Wednesday announced that it has  levied fines against five broker-dealers, totaling nearly $1 million, for gouging clients in “postage and handling” fees. FINRA said that the five firms were “understating the amount of total commissions charged to customers in trade confirmations and fee schedules by characterizing a portion of the commission charges as fees for handling services.”

In some cases, customers were charged upwards of $100 per transaction for handling fees, and firms earned a substantial portion of their revenues from these fees.