Around 5,000 clients overpaid on about 28,700 transactions, Hong Kong's securities regulator said, as it demanded UBS pay millions of dollars in customer compensation
By Margot Patrick Nov. 11, 2019 6:58 am ET UBS UBS -0.88% Group AG overcharged and misled wealthy clients for a decade without detection, Hong Kong’s securities regulator said Monday, as it fined the bank 400 million Hong Kong Dollars and demanded HK$200 million in customer compensation.
The overcharges came in the form of extra fees that went beyond contractual caps on charges, and in the bank scooping up the gain when client trades went through at better prices. In some cases, UBS staff falsified quarterly statements to financial intermediaries to conceal the excess charges, the SFC said.
“The SFC considers that these malpractices involved a combination of serious systemic failures for a prolonged period of time including inadequate policies, procedures and systems controls, lack of staff training and supervision, and failures of the first and second lines of defense functions at UBS,” it said.
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