The unit allegedly had deficiencies in its risk management practices and broke a rule requiring a suitable audit of all significant fiduciary activities
The claim was related to UBS’ Yield Enhancement Strategy offering, which lawyers for investors have claimed caused at least $60 million in losses in 2018 during volatile markets.
Amy Webster challenged allegations that she had put Wells customers into insurance products through a firm cited in a $10 million settlement Wells Fargo reached with California regulators last year.
“The [chief compliance officer] is not there to fill out irrelevant paperwork or serve as a scapegoat for the firm’s failings,” says Peter Driscoll, director of the SEC's Office of Compliance Inspections and Examinations.
Since Merrill Lynch published the data, clients have become more comfortable talking about diversity efforts, according to Christopher Jay, a Black advisor at the wirehouse.