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Barclays in US$13.75m US settlement over mutual funds

[NEW YORK] Barclays Plc will pay more than US$13.75 million to settle a US regulator's charges that it allowed customers to make more than 6,100 unsuitable mutual fund switches, and failed to provide some customers discounts on large fund transactions.

The Financial Industry Regulatory Authority on Tuesday said the British bank's Barclays Capital Inc unit will pay more than US$10 million in restitution, including interest, and was fined US$3.75 million.

Barclays did not admit or deny wrongdoing in agreeing to settle, FINRA said.