Merrill Violated Reg BI With $1.5M in Avoidable Fees: FINRA

What You Need To Know

• Merrill offered fee waivers on certain new-issue products when purchased in advisory accounts.
• Reps recommended clients buy the products in brokerage accounts, making them ineligible for waivers, and then move them to advisory accounts, FINRA says.
• Merrill's failures to spot or prevent this conduct violated Reg BI, according to the regulator.