Morgan Stanley to pay USD 5 mln fine

Thursday 14 May 2020 12:50 CET | News

A unit of Morgan Stanley has agreed to pay a USD 5 million fine to settle US Securities and Exchange Commission charges.

It comes after the bank misled retail investing clients about the costs of a ‘wrap fee’ program, according to Fox Business.

Wrap fee programs offer accounts in which clients pay asset-based fees meant to cover investment advice and brokerage services, including the execution of trades. Morgan Stanley oversaw USD 2.4 trillion of client assets, including USD 1.13 trillion from fee-based clients, as of March 31.

The alleged wrongdoing occurred from October 2012 to June 2017, and the USD 5 million will be distributed to harmed investors.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: SEC, Morgan Stanley, banks, US, Securities and Exchange Commission, retail, wrap fee
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech