The Financial Industry Regulatory Authority (FINRA) has ordered three firms to pay over $8.2m in restitution to customers for not providing mutual fund sales charge waivers and fee rebates.

The firms, namely investment firm Edward Jones, wealth management services provider Osaic Wealth, and broker-dealer Cambridge Investment Research, have settled without fines due to their cooperation.

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FINRA’s targeted examination, initiated in 2020, revealed that the firms did not have adequate supervisory systems to ensure eligible customers received mutual fund sales charge waivers.

This oversight led to customers missing out on benefits worth over $8.2m.

The review was launched by Member Supervision’s Examinations and National Cause and Financial Crimes Detection programmes.

With these actions, FINRA has secured more than $9.5m in restitution for mutual fund customers across five firms.

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Edward Jones clients were charged an excess of $4.44m while Osaic Wealth’s customers, including its affiliated broker-dealers, paid an additional $3.1m.

Cambridge Investment Research customers faced $699,217 in excessive fees.

All companies have agreed to repay affected customers, including interest, while refraining  from admitting or denying the allegations.

FINRA executive vice-president and enforcement head Bill St. Louis said: “Obtaining restitution for harmed customers is a top priority for FINRA. It is essential that firms ensure their customers receive all fee waivers and rebates owed.

“At the same time, FINRA recognises firms that proactively correct errors, identify and repay harmed investors and provide substantial assistance to FINRA during its investigations.”

In March 2024, Sturkie Wealth Management Group joined Osaic Wealth, with founder Stephen Sturkie and his team bringing in over $240m in client assets.