Regulatory Alerts2025-10-07
Added · Updated
Pennsylvania Department of Banking and Securities Consent Order Regarding LPL Financial LLC
The Pennsylvania Department of Banking and Securities entered into a Consent Order with LPL Financial LLC to resolve allegations that the broker-dealer charged unreasonable commissions on small principal equity transactions. The settlement requires LPL to pay $20,000 in administrative fines and provide over $111,000 in restitution to affected Pennsylvania customers whose commissions exceeded 5% of the trade principal. Additionally, LPL must be censured and certify that its supervisory policies have been enhanced to prevent future imposition of unfair commissions.
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