Singapore fines Swiss banking giant UBS for deceptive trades
Singapore has fined Swiss banking giant UBS 8 million USD after investigations showed its advisors deceived clients about prices for bonds and other financial products.
Hanoi (VNA) - Singapore has fined Swiss bankinggiant UBS 8 million USD after investigations showed its advisors deceivedclients about prices for bonds and other financial products.
Singapore’s central bank, the Monetary Authority ofSingapore (MAS), said UBS has admitted liability for its advisors' actions andpaid a civil penalty.
In a statement on November 14, MAS’s Deputy ManagingDirector in charge of financial supervision Ong Chong Tee said the conduct of UBS throughits representatives is unacceptable.
He added that UBS has agreed to compensate affected clientsand cooperates fully during the investigation.
UBS raised concerns about malpractice by client advisors inHong Kong and Singapore in 2016, prompting the central bank to launch a probe.
Among problems discovered were that advisors failed todisclose or made only partial disclosure of price changes and overchargedclients.
The penalty relates to transactions executed from 2014onwards in Singapore-managed accounts.
Earlier this week, Hong Kong authorities fined UBS 51million USD for overcharging global customers for almost a decade./.
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