The SEC today said that Barclays (BCS) is required to pay $97 million to refund advisory fees or mutual fund sales charges to clients who were overcharged.
The agency said that the London-based bank agreed to settle three sets of violations that led to clients being over-billed by nearly $50 million.
The SEC’s order concluded that two Barclays advisory programs imposed fees to over 2,000 clients for monitoring specific “third-party investment managers and investment strategies,” however, these services weren’t being performed as described.
