RBC Capital Markets has reached an agreement with FINRA in which the broker-dealer will pay $1M to resolve allegations of overconcentration in customers’ accounts involving high-yield bonds. Without denying or admitting to the self-regulatory organization’s (SRO’s) findings, RBC consented to a censure, a $550K fine, and more than $456K in restitution.
According to FINRA, the brokerage firm did not identify over 100 client accounts with conservative profiles that should have been reviewed for a possible unsuitable concentration of high-yield bonds.
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