Regulation

Wells Fargo fined $35m for overcharging financial advice clients

US regulator takes aim at bank over claims it inflated charges

The US Securities and Exchange Commission has fined Wells Fargo $35m for allegedly overcharging nearly 11,000 clients a total of $26.8m in advisory fees.

The commission alleges that advisers agreed with clients to reduce the firm’s standard fees, making typed or handwritten notes to that effect on their adviser agreements.

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