The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined UBS HK$400m for overcharging clients, and related internal control failures involving structured notes.

The SFC has reproved and handed down a HK$400m (US$51.07m) penalty to UBS for overcharging its clients over a 10-year period and for related serious systemic internal control failures. According to the regulator, UBS not only failed to observe the fundamental and overarching duty to act in its clients’ best interests but also abused the trust of unsuspecting clients by failing to disclose conflicts of interest and overcharging them in opaque trades. ‘The SFC expects all interm

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