FINRA announced it has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $2.8 million for overcharging customers $32 million in unwarranted fees.

The regulator announced Thursday it fined the Merrill unit for “supervisory failures” and “for failing to provide certain required trade notices.” Merrill has provided $32 million in remediation, plus interest, to the affected customers.

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