Singapore Fines UBS $8.2M For Overcharging Clients
Law360, London (November 14, 2019, 3:05 PM GMT) -- Singapore’s financial watchdog hit UBS AG with a fine of 11.2 million Singapore dollars ($8.2 million) on Thursday, the second regulatory penalty the Swiss giant has faced this week for overcharging clients during trades.
The Monetary Authority of Singapore said an investigation found that client advisers at UBS had deceived customers about prices in over-the-counter transactions in bonds and structured products, which are pre-packaged investments.
Advisers at the bank’s Singapore branch did not follow through on the prices agreed with their clients when they executed “numerous transactions” since 2014, the regulator said. The advisers also failed to pass savings on to...
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