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FINRA has fined UBS Financial Services $2.5 million and ordered it to pay $8.25 million in restitution for conduct related to the sale of Lehman Brothers Holdings principal protection notes.

As more investors buy shares of mutual fund companies through their broker-dealers, those broker-dealers are taking on processing tasks that would otherwise be done by the mutual fund companies or their service providers.

While the banking industry clearly has momentum on its side in the fight to delay a rule that would limit debit interchange fees, time for Congress to act is rapidly running out.

Over the next few weeks B of A plans to roll out revised versions of smartphone apps, with more of a focus on under-the-hood improvements than on flashy new features.

Older Americans and federal stimulus dollars are playing a big role in the slow U.S. economic recovery, but young Americans are going to have to get much more involved before the pickup can gain real momentum, economists told New York FPA members on Thursday.

Morgan Stanley’s global wealth management business net revenue rose to $3.4 billion for the first quarter, while its total advisor ranks dipped to 17,800 in line with previously reported plans for cuts.The wealth management business’ net revenue was up from $3.1 billion from the previous year due to higher commissions and asset-based revenue. The group had pre-tax income of $348 million compared with $278 million for the first quarter of 2010.

Financial advisors Ian Jones and Peter Jones will focus on the Taft-Hartley market.

T. Rowe Price reported Thursday that quarterly earnings surged, but missed analysts’ lofty expectations.The Baltimore-based fund company reported a 27% increased in profits from a year earlier to $194.6 million, or 72 cents a share as net revenue rose 23% to $682.4 million.

Aided by a strong tailwind from market appreciation, Janus Capital Group reported an increase in profits in the first quarter as assets under management and revenue rose.The Denver mutual fund company’s earnings increased 21% to $37.9 million, or 21 cents per share, from a year earlier. Revenue was up 7.5% to $265.4 million.

Despite the recent improvements in the economy, Americans continue to grow more pessimistic about long-term retirement prospects, according to a Country Financial survey of 3,000 adults.