AXA unit fined for inadequate supervision

Fee-based brokerage distributed mis-leading sales literature, says regulator • AXA completes sale of Dutch units

The Financial Industry Regulatory Authority (FINRA) - the private, non-governmental US securities regulator formed by merging the self regulating functions of the NASD and the New York Stock Exchange - has fined AXA Advisors $1.2mn, and ordered the broker to return $1.4mn in fees to some 1,800 customers.