RBC unit fined by FINRA over trade confirmation violations

A Royal Bank of Canada (RBC) unit agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority (FINRA), in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.

RBC Capital Markets sent approximately 940,000 inaccurate trade confirmations and failed to provide confirmations to millions of other customers, according to a FINRA order published Monday.

FINRA alleged RBC failed to establish a supervisory system designed to achieve compliance with the self-regulatory organization’s rules.