The SFC says the failings led the Swiss bank to sell professional investor-restricted products, such as accumulators and decumulators, to non-professional investor clients for 12 years.
UBS has been reprimanded and fined HK$8m (US$1.03m) by the Securities and Futures Commission of Hong Kong (SFC) for its ‘failure to ensure accurate classification of professional investors,’ the regulator said on Monday (20 October). The financial watchdog’s investigation found the bank verified its clients’ professional investor status by an automated process, which was based upon the bank’s ‘misinterpretation of the minimum portfolio requirement’ unde