Hanoi (VNA) - 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.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), said UBS has admitted liability for its advisors' actions and paid a civil penalty.
In a statement on November 14, MAS’s Deputy Managing Director in charge of financial supervision Ong Chong Tee said the conduct of UBS through its representatives is unacceptable.
He added that UBS has agreed to compensate affected clients and cooperates fully during the investigation.
UBS raised concerns about malpractice by client advisors in Hong Kong and Singapore in 2016, prompting the central bank to launch a probe.
Among problems discovered were that advisors failed to disclose or made only partial disclosure of price changes and overcharged clients.
The penalty relates to transactions executed from 2014 onwards in Singapore-managed accounts.
Earlier this week, Hong Kong authorities fined UBS 51 million USD for overcharging global customers for almost a decade./.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), said UBS has admitted liability for its advisors' actions and paid a civil penalty.
In a statement on November 14, MAS’s Deputy Managing Director in charge of financial supervision Ong Chong Tee said the conduct of UBS through its representatives is unacceptable.
He added that UBS has agreed to compensate affected clients and cooperates fully during the investigation.
UBS raised concerns about malpractice by client advisors in Hong Kong and Singapore in 2016, prompting the central bank to launch a probe.
Among problems discovered were that advisors failed to disclose or made only partial disclosure of price changes and overcharged clients.
The penalty relates to transactions executed from 2014 onwards in Singapore-managed accounts.
Earlier this week, Hong Kong authorities fined UBS 51 million USD for overcharging global customers for almost a decade./.
VNA
