NEW YORK (AP) — Barclays will pay $97 million to settle charges that it overbilled some of its advisory and brokerage clients.
The U.S. Securities and Exchange Commission said Wednesday that affected clients will get a refund.
In its complaint, the SEC said more than 2,000 accounts were charged about $48 million in fees for a service that Barclays did not provide and more than 22,000 accounts were charged about $2 million in excess fees. The complaint also said that Barclays steered some clients with brokerage accounts toward expensive mutual funds when cheaper funds were available.
The overbilling occurred between 2010 and 2015 at Barclays’ wealth and investment management business, which it sold at the end of 2015, the regulator said.
In settling, the SEC said that Barclays did not admit or deny its findings.
London-based Barclays PLC declined to comment.
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