First Horizon Advisors will pay a $325,000 fine to settle allegations from the Securities and Exchange Commission (SEC) that it violated Regulation Best Interest in part due to issues with incorporating a merged firms’ accounts into its systems.
The Tennessee-based broker-dealer, a subsidiary of First Horizon Bank, failed to maintain and enforce its policies and procedures–and violated RegBI–related to recommendations made on a derivative security called a structured note, the SEC said in a press release Wednesday.
