Cambridge Investment Research, Edward Jones, and Osaic Wealth are paying a combined total of more than $8.2 million to customers who didn’t get sales charge waivers or fee rebates on mutual funds, according to Finra orders published Friday.

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Prior to a targeted exam by Finra in 2020, the firms didn’t have proper supervision to ensure that eligible customers received waivers and rebates associated with rights of reinstatement for mutual fund assets that are reinvested. Shares purchased through that avenue can be exempt from front-end sales charges, or loads, or can recoup continent deferred sales charges.

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“Finra did not impose any fines in connection with these matters in recognition of each firm’s extraordinary cooperation with Finra’s investigations,” the self-regulatory agency said in an announcement of the customer restitution.

The firms were proactive in correcting the errors, the agency said. They did not admit or deny charges as part of the settlement, however.

The excess charges and fees customers paid totaled over $4.4 million at Edward Jones, about $3.1 at Osaic and its affiliated broker-dealers, and $699,000 at Cambridge. The companies agreed to repay those amounts, plus interest.

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“Each firm demonstrated extraordinary cooperation by voluntarily initiating an extensive review of their relevant systems, practices and procedures; engaging an outside consultant to identify disadvantaged customers and calculate restitution; and establishing a plan to efficiently identify, notify and repay customers eligible for restitution,” the announcement read.

In a statement, an Edward Jones spokesperson cited the cooperation with Finra.

“We take this matter seriously and have made enhancements to our policies, procedures and practices. Our top priority remains serving our clients and helping them achieve financially what is most important to them and their families,” the spokesperson stated.