Barclays Capital Fined Nearly $100 Million for Overcharging Advisory Clients
Posted: Tue May 09, 2017 7:09 pm
Barclays’s investment advisement unit, Barclays Capital, agreed today to dole out $97 million to end the U.S. regulator’s allegations that it over-billed about 25,000 advisory clients.
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The Securities and Exchange Commission (SEC) said that the bank overcharged clients by approximately $50 million because it lacked procedures to validate whether clients were properly billed.
More specifically, Barclays Capital was charged with collecting fees from more than 2,000 clients through two advisory programs for the monitoring of certain third-party investment managers and investment strategies although these services weren’t being performed as ... (read more)