The second-largest seller of mutual funds in the US has been fined $5m (€3.9m) by US regulators for paying kickbacks to brokers that recommended its funds.

American Funds, part of Capital Group, owners of institutional asset manager Capital International, violated the National Association of Securities Dealers' anti-reciprocal rule by directing brokerage commissions to securities firms that were the top sellers of its funds from 2001 through to 2003.