Wells Fargo fined $1 million by Finra over client reports

The Financial Industry Regulatory Authority Inc. has fined Wells Fargo $1 million for failing to have in place reasonable supervisory systems to monitor advisers’ creation of consolidated reports for clients.

The Finra fine and settlement disclosed Monday cited Wells Fargo Advisors, which is now known as Wells Fargo Clearing Services, and Wells Fargo Advisors Financial Network for failing to enforce supervisory systems “for the use of consolidated reports generated by their registered representatives through a particular application that the firms made available” to brokers between June 2009 and June 2015.

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