UBS Fined for Misleading and Overcharging Wealthy Clients for a Decade

By Margot Patrick Nov. 11, 2019 6:58 am ET UBS UBS -0.88% Group AG overcharged and misled wealthy clients for a decade without detection, Hong Kong’s securities regulator said Monday, as it fined the bank 400 million Hong Kong Dollars and demanded HK$200 million in customer compensation.

The overcharges came in the form of extra fees that went beyond contractual caps on charges, and in the bank scooping up the gain when client trades went through at better prices. In some cases, UBS staff falsified quarterly statements to financial intermediaries to conceal the excess charges, the SFC said.

“The SFC considers that these malpractices involved a combination of serious systemic failures for a prolonged period of time including inadequate policies, procedures and systems controls, lack of staff training and supervision, and failures of the first and second lines of defense functions at UBS,” it said.

UBS must be owned by Wells Fargo. wouldn't that be a whoot

OK. Around 0.2%, but this may be meaningless to them.

Hongkong Rioters burn people alive

WSJ esconde el golpe de Estado en Bolivia, mientras, apoya a los terroristas de Hong Kong.

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