In a regulatory filing, LPL Financial (LPLA) disclosed that in August, the company received a request for information from the SEC regarding certain elements of the company’s cash management program for corporate advisory accounts, which based on the nature of the request it believes is part of an industry-wide inquiry. “The company has been cooperating with the request. Additional regulation and enhanced regulatory enforcement has resulted, and may result in the future, in changes to our service offerings and additional operational and compliance costs, as well as increased costs in the form of penalties and fines, investigatory and settlement costs, customer restitution and remediation related to regulatory matters,” LPL said.
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