FINRA - Financial Industry Regulatory Authority

FINRA Orders APFS to Pay $4.6M for Overcharging Fees FINRA has ordered American Portfolios Financial Services, Inc. (APFS) to pay $4.6 million in restitution for overcharging fees and retaining surplus interest from customers' funds in its bank deposit program between April 2018 and September 2022. APFS inaccurately disclosed fee calculations and retained $1.25 million in surplus interest. The firm was also fined $550,000. APFS, acquired by Osaic Holdings, Inc. in November 2022, lacked a proper supervisory system for the program. Osaic assisted in calculating restitution and began repayments before the settlement. APFS consented to FINRA's findings without admitting or denying the charges.