The Financial Industry Regulatory Authority Inc. (Finra) said today that it has fined LPL Financial LLC $7.5 million for significant email system failures over a six-year period, Investment News reported. LPL also made misstatements to Finra during its investigation of the failures. LPL also was ordered to create a $1.5 million fund to compensate brokerage customers potentially affected by its failure to produce email. LPL provides proprietary technology, brokerage and investment advisory services to more than 13,000 independent financial advisers and supports more than 4,000 financial advisers with customized clearing, advisory platform and technology solutions. LPL's email review and retention problems occurred from 2007 to 2013, and its systems failed at least 35 times, according to Finra. The firm was unable to meet its obligations to capture email, supervise its representatives and respond to requests from regulators. LPL officials said in a statement the firm has "undertaken a comprehensive redesign of our email systems and associated compliance policies and procedures, and have engaged independent experts to assess and validate our approach."