Independent broker-dealer LPL Financial agreed to pay more than $6 million as part of a settlement with the Financial Industry Regulatory Authority (FINRA) addressing alleged supervision failures regarding direct business transactions and the suitability of switch transactions.
LPL was fined $5.5 million and will pay more than $650,000 in restitution to direct business customers, according to FINRA’s disciplinary action published Wednesday. The self-regulatory organization alleged various violations at LPL between January 2012 and November 2022.
