TITLE: Washington State Department of Financial Institutions Issues Consent Order Against LPL Financial LLC
BODY:
On March 17, 2026, the Washington State Department of Financial Institutions Division of Securities entered a Consent Order (S-25-3997-26-CO01) against LPL Financial LLC for charging unreasonable commissions on equity transactions.
Between April 30, 2020 and April 30, 2025, LPL Financial LLC charged unreasonable commissions on approximately 127,045 equity transactions totalling $2,486,739.20. The violations specifically affected 1,724 accounts of Washington State residents who were charged commissions exceeding 5 percent, totalling $61,456.75. The Department of Financial Institutions found that LPL Financial LLC failed to reasonably supervise transactions that applied the minimum equity commission. The violations occurred under RCW 21.20.110 and WAC 460-20C-150.
The Consent Order imposes a cease and desist order, censure, and requires LPL Financial LLC to pay restitution of $61,456.75 to affected customers and a fine of $25,000. Additionally, LPL Financial LLC must certify in writing to the Securities Division within 60 days of the order's entry that its policies and procedures have been changed and enhanced to ensure that all commissions are fair and reasonable.
**Reference:**
Washington State Department of Financial Institutions Division of Securities. (2026). Consent Order S-25-3997-26-CO01: LPL Financial LLC.