UBS fined £40 million in Hong Kong over client-trade overcharges
A Hong Kong regulator has fined UBS around £40m for overcharging clients of its wealth management division for executing trades.
UBS widened the spread — the difference between the price of buying and selling an asset in the market — on trades in bonds and structured products after they were executed and without clients’ knowledge, the regulator said. Ashley Alder, chief executive of the SFC, said: “The SFC expects all intermediaries to uphold high standards of integrity when managing trades for clients. UBS fell far short of these expectations by systematically overcharging a very large number of clients over many years.
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