Broker-dealer First Horizon Advisors, Inc has agreed to pay a civil penalty of $325,000 in connection with its recommendations for certain products, the U.S. Securities and Exchange Commission said in a statement on Wednesday.

First Horizon Corporation FHN, wealth management subsidiary, First Horizon Advisors, Inc., has been charged by the Securities and Exchange Commission (SEC) for failing to maintain and implement policies and procedures designed to achieve compliance with Regulation Best Interest (Reg BI).

The Securities and Exchange Commission today announced charges against registered broker-dealer First Horizon Advisors, Inc. for failing to maintain and enforce policies and procedures reasonably designed to achieve compliance with Regulation Best Interest (Reg BI).

First Horizon agreed to pay a civil penalty of $325,000 to resolve the charges. The SEC’s order found that First Horizon violated Reg BI’s compliance obligation. First Horizon Corp. merged with IberiaBank Corp. in July 2020. The combined firm kept the First Horizon name. First Horizon Advisors had $68 billion in assets as of Dec. 31.

First Horizon Advisors, a broker-dealer owned by First Horizon Corp. (NYSE:FHN), has agreed to pay a civil penalty of $325K to settle the U.S. Securities and Exchange Commission's charges accusing FHA of failing to maintain and enforce policies and procedures reasonably designed to achieve compliance with Regulation Best Interest (Reg BI).