UBS slapped with US$51m fine, condemns spread manipulators

12 November 2019 | 3 minutes read

UBS has been fined HK$400 million (US$51 million) by Hong Kong’s SFC due to spread overcharges that has affected some 5,000 client accounts and 28,700 transactions between 2008 to 2017. The SFC’s investigation, which was prompted by a self-report from UBS, found that some client advisors and client advisor assistants in UBS’s wealth management division overcharged clients when conducting bond…

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