Op risk data: SEC says no to Charles Schwab robo-adviser
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Charles Schwab suffered June’s largest loss by a considerable distance – the broker was fined $186.5 million for making false and misleading statements about its robo-adviser product, Schwab Intelligent Portfolios.
The US Securities and Exchange Commission (SEC) found that three of Schwab’s subsidiaries had stated that investment allocation was determined through a “disciplined portfolio construction methodology” that would ensure “optimal returns” for clients. Algorithms were, in fact
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