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Barclays Will Refund $97 Million To Advisory, Brokerage Clients
According to the SEC press release it seems that "overcharging" might be considered the least of it. (To me, overcharging is charging a fee higher than agreed upon.)
Barclays charged for services not provided (2,000 customers). Barclays collected "excess fees" by recommending higher cost share classes when cheaper share classes were available (63 customers). Those strike me as more egregious than charging, say $6.95 for a trade that was supposed to cost $4.95.
Though there were also many miscalculations and billing errors (22,138 customers). The refund for all violations was $67M. $30M of the payment was for penalties.
Usual disclaimer: All of the above are SEC findings. Barclays neither confirms nor denies.
Why is it not possible for me to rob people and not go to jail? Oh I see, let a bunch of us get together and do it. This way if we don't get away with it, or get away with it long enough, then no one can figure out who to put into jail, and we can pay a fine if someone finds out. The amount we stole would have paid for itself by then.
The best part is "Barclays agreed to settle...". How magnanimous of them.
Comments
Barclays charged for services not provided (2,000 customers). Barclays collected "excess fees" by recommending higher cost share classes when cheaper share classes were available (63 customers). Those strike me as more egregious than charging, say $6.95 for a trade that was supposed to cost $4.95.
Though there were also many miscalculations and billing errors (22,138 customers). The refund for all violations was $67M. $30M of the payment was for penalties.
Usual disclaimer: All of the above are SEC findings. Barclays neither confirms nor denies.
The best part is "Barclays agreed to settle...". How magnanimous of them.