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By Denver Nicks
December 29, 2015

The financial firm Barclays will shell out more than $13.75 million, including more than $10 million in restitution and a $3.75 million fine, over charges of misconduct with retail brokerage customers, regulators announced Tuesday, Reuters reports.

As part of the settlement reached with the Financial Industry Regulatory Authority, the London-based firm did not admit to wrongdoing.

Barclays was charged with negligently allowing retail customers from 2010 to 2015 to swap between mutual funds even though moving between funds was more costly than whatever rewards might be reaped by such a switch, causing $8.63 million in harm to customers, regulators say. The restitution is intended to account for these losses plus interest, Reuters reports.

“The proper supervision of mutual fund switching and breakpoint discounts is essential to the protection of retail mutual fund investors,” FINRA enforcement chief Brad Bennett said.