meta_id 3012652

On March 17, 2026, the Washington State Department of Financial Institutions (DFI) Securities Division issued a consent order against LPL Financial LLC, resolving an investigation into violations of the Securities Act of Washington. The Securities Division concluded that LPL charged unreasonable commissions exceeding 5% of the principal amount on small equity transactions. Nationwide, LPL charged unreasonable commissions on approximately 127,045 equity transactions between April 30, 2020 and April 30, 2025, totalling $2,486,739.20. In Washington State specifically, 1,724 accounts were affected, with customers charged commissions in excess of 5% totalling $61,456.75. LPL's commission schedule ranged from 0.60% to 1.5% of principal plus a $5.00 confirmation fee, with a minimum commission of $30 on equity transactions. While LPL's fee schedule noted a maximum commission of 5%, its policies and procedures lacked similar restrictions on transactions involving the minimum equity commission. The Securities Division found LPL failed to reasonably supervise transactions applying the minimum equity commission and lacked sufficient surveillance systems for small principal transactions. Under the consent order, LPL neither admits nor denies the violations. LPL agrees to: provide restitution of at least $61,456.75 plus 6% interest to affected Washington customers within 60 days; pay an administrative fine of $25,000 within 15 days; cease and desist from violations of Washington Administrative Code 460-20C-150; and submit certification within 60 days that its policies and procedures have been enhanced to ensure fair and reasonable commissions on all securities transactions.