Bank of America Merrill Lynch is set to pay $2.5 million in restitution and fines after failing to provide discounts to customers on a certain type of redeemable security, the brokerage industry's primary regulator said on Wednesday.

FINRA imposed a $500,000 fine on the brokerage firm plus an additional $2 million in restitution to be paid to customers who did not receive the anticipated "sales charge discounts" on unit investment trusts.

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