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LONDON — Barclays Bank is to pay out $13,75m (£9,3m) to settle a US regulator’s claims that some of its customers were left out of pocket over “unsuitable” mutual fund transfers.

The bank, which has been fighting to change its image after a string of fines and sanctions from financial watchdogs, will pay $10m to compensate investors as well as a $3,75m fine, the Financial Industry Regulatory Authority (Finra) said.

Finra found that Barclays’ alleged misconduct spanned a five-year period from 2010 to 2015, and affected 6 100 transactions – costing customers a total of $8,63m.

The regulator said that clients of Barclays’ brokerage unit were switched from one mutual fund to a similar one, resulting in higher costs in some instances.

The bank failed to act on automated alerts warning it of “potentially unsuitable transactions”; failed to review some transactions for suitability; and did not send letters to customers regarding the transaction costs.

Barclays also failed to offer eligible customers “breakpoint discounts” — discounted fees on larger investments.

The bank agreed to the settlement without admitting or denying Finra’s allegations.

“The proper supervision of mutual fund switching and breakpoint discounts is essential to the protection of retail mutual fund investors, and this case highlights Finra’s commitment to ensuring that firms meet these obligations,” said Brad Bennett, Finra’s executive vice president and chief of enforcement.

The fine caps another tough year for Barclays, which saw a change of leadership in July when Antony Jenkins was fired after three years in charge.

In October, chairman John McFarlane appointed investment banker Jes Staley to the top job, with a remit to cut costs, sell off non-core divisions and continue improving behaviour at the bank.

In its most recent financial results, Barclays set aside £560m to compensate customers it has mistreated in the past, while announcing significant restructuring costs.

Last month, the bank was fined £72m from the UK’s Financial Conduct Authority for failing to carry out proper anti-money laundering and financial crime checks on a major transaction in 2012.

It also paid £9m to settle claims in the US relating to manipulation of the Libor benchmark interest rate, and was hit with a $150m fine relating to foreign exchange trades in the US.

A Barclays spokesman declined to comment on this latest fine. — Reuters.