Four major banks, including Jefferies, UBS, Citi, and Barclays, have been fined by the Financial Industry Regulatory Authority (FINRA) for compliance failures.

These penalties were imposed at the end of 2024 and highlight the banks' failure to establish adequate supervisory systems to comply with FINRA regulations.

UBS Financial Services, a subsidiary of UBS Group, received a fine of $1.1 million for sending over 330 million trade confirmations from 2014 to 2024 that contained inaccurate average price information or failed to disclose that the prices were averages.

UBS was made aware of these inaccuracies in February 2014 but did not take corrective action until late 2022, when a supervisory review revealed ongoing deficiencies.

By December 2023, the bank had addressed at least 95 percent of the issues, but full resolution was not achieved until November 2024, according to FINRA's disciplinary action.