In December, FINRA ordered Barclays Capital to pay a $3.75 million fine and refund its customers more than $10 million after the regulator found the firm failed to properly supervise the sale of mutual funds. FINRA claims Barclays failed to have proper safeguards in place to prevent a wide array of unsuitable mutual fund transactions, particularly around switching and applicable breakpoint discounts that were not provided to customers.

As part of its an ongoing scrutiny of mutual fund sales, FINRA ordered Edward Jones to pay $13.5 million in restitution to charitable organizations and retirement accounts that were allegedly overcharged on mutual-fund sales.The St. Louis-based brokerage was one of five firms who were sanctioned in December for the improper mutual fund overcharges.

Like other firms, Raymond James’ systems failed to prevent improper sales of mutual funds to its clients, some of whom were sold more expensive classes of mutual funds over the past five years. FINRA ordered the firm to reimburse affected customers $8.7 million in July, but did not fine the firm. Raymond James mailed the rebate to clients with closed accounts in April. Current clients will have the rebates automatically deposited into their accounts, firm spokeswoman Anthea Penrose said in February.

According to FINRA’s October order, Stifel, along with four other firms, failed to waive mutual fund sales charges for some clients' retirement accounts, as well as some accounts held by charities, and will pay back $2.98 million to those clients. The actions are a result of FINRA’s increased scrutiny on fund fees, as well as member firms own internal audits. In July, FINRA ordered LPL Financial, Wells Fargo Advisors and Raymond James to pay a combined $30 million in restitution for the same issues.