“These actions are further evidence of our commitment to pursue substantial restitution for adversely affected mutual fund investors who were not afforded the full benefit of available sales charge waivers,” said Brad Bennett, FINRA’s executive vice president and enforcement chief.

FINRA found that the five firms that were part of this week’s announcement also “unreasonably relied on financial advisers to waive charges” for these accounts without training them or providing them with the correct information on how to do so.

Edward Jones stated that it has corrected the issue and cooperated with FINRA’s investigation. According to spokesman John Boul, “Edward Jones is simplifying the mutual funds offerings for some firm-held retirement accounts to help ensure this problem doesn’t occur in the future.”

Janney Montgomery Scott said that FINRA recognized its “cooperation to identify the issue proactively” and modification of its internal processes.

Axa Advisors stated that is tries to meet the industry’s best practices and regulatory requirements. “We have fully cooperated with the FINRA investigation into this industry-wide issue and are pleased to have reached a resolution with FINRA,” said Axa.

Stephens and Stifel Nicolaus did not comment.