This follows a penalty on UBS in Hong Kong for systematically overcharging private banking clients. FMTNews UBS Misconduct
SINGAPORE: Singapore’s regulator fined UBS Group AG S$11.2 million for misconduct by its advisers that included overcharging clients for trades.
“The conduct of UBS through its representatives is unacceptable and has no place in the financial services industry where trust and integrity are paramount,” MAS Deputy Managing Director Ong Chong Tee said in the statement. To hide the charges, UBS sometimes falsified account statements by misreporting the spread amounts for the trades, according to the Hong Kong Securities and Futures Commission.
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