Wells Fargo, LPL, Raymond James to reimburse $30 million in fund fees: FINRA

Three major securities brokerages must collectively reimburse customers more than $30 million for failing to waive mutual fund sales charges for thousands of accounts belonging to charities and retirement investors, Wall Street's watchdog said on Monday.

Units of Wells Fargo & Co, Raymond James Financial Inc and LPL Financial Holdings Inc "failed to adequately supervise" the sale of mutual funds that offered sales charge waivers, the Financial Industry Regulatory Authority ( FINRA) said in a statement.

The firms, in settling the cases with FINRA, neither admitted nor denied the industry-funded regulator's allegations, FINRA said.

A Wells Fargo spokesman declined to comment. Raymond James and LPL said in statements that they self-reported the problem to FINRA, which did not impose fines, given the firms "extraordinary cooperation."

The errors affected a total of more than 50,000 accounts at the firms, FINRA said.