- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-08-30T20:02:00
Raymond James & Associates (RJA) and its subsidiary agreed to pay more than $1.9 million to settle allegations levied by the Financial Industry Regulatory Authority (FINRA) that it didn’t have an effective system to handle customer complaints, along with millions of direct mutual fund transactions not reasonably being supervised.
RJA will pay a $525,000 fine and more than $26,000 in restitution to 19 customers, while its subsidiary Raymond James Financial Services (RJFS) will pay a $1.3 million fine and more than $85,500 in restitution to 40 customers, FINRA said in a disciplinary action Thursday.
Since January 2018, RJA failed to reasonably supervise the reporting of complaints and make sure that personnel manually enter information into its electronic system that would be part of quarterly filings to FINRA.
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