UBS faces a $51 million fine for overcharging Hong Kong accounts through excess trade fees

UBS faces a $51 million fine for overcharging Hong Kong accounts through excess trade fees

Hong Kong regulators

fined UBS roughly $51 million on Monday for overcharging wealthy clients for a decade.

The country’s Securities and Futures Commission

said the Swiss bank added excess fees to bond and structured-note trades between 2008 and 2015.

It also said the bank took two years to report the malpractice after the initial discovery.

The commission considered UBS’s disciplinary action against the more than 20 involved employees when deciding the size of the fine.

Hong Kong regulators

fined UBS roughly $51 million on Monday for overcharging wealthy clients for a decade.

Markets Insider

https://markets.businessinsider.com/news/stocks/ubs-51-million-fine-overcharging-hong-kong-clients-excess-fees-2019-11-1028677468

UBS Fined for Misleading and Overcharging Wealthy Clients for a Decade – WSJ

https://www.wsj.com/articles/ubs-fined-for-misleading-and-overcharging-wealthy-clients-for-a-decade-11573473531