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The US Securities and Exchange Commission (SEC) today announced that Morgan Stanley Smith Barney has agreed to pay a $13 million penalty to settle charges that it overcharged investment advisory clients as a result of coding and other billing system errors. The firm also violated the custody rule relating to annual surprise examinations.
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Inadequate Compliance Procedures
Morgan Stanley allegedly overcharged more than 149,000 advisory clients because it failed to adopt and implement reasonably designed compliance policies and procedures to ensure that clients were billed accurately as per ... (read more)