UBS fined $51m by Hong Kong regulator for overcharging wealth clients

Pedro Gonçalves
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UBS fined $51m by Hong Kong regulator for overcharging wealth clients

Hong Kong's regulator has slapped a HK$400m ($51m) fine on UBS for overcharging thousands of global wealth management clients for nearly a decade in a case that exposed serious and systematic problems with the bank's internal controls. The Hong Kong Securities and Futures Commission (SFC) found that UBS systematically overcharged private banking clients by manipulating the price on bond and structured product trades between 2008 to 2015, according to a statement from the regulator. Hong...

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