UBS hit with another penalty in Singapore for deceptive trades by its client advisors

The Singapore regulator has imposed a civil penalty of $11.2m (US$8m) on UBS for deceiving wealthy clients about the spreads and/or interbank prices for transactions in over-the-counter (OTC) bonds and structured products. The enforcement action followed UBS’ reporting of the misconduct to the regulator, and subsequent investigations, which found several shortcoming in numerous transactions managed by UBS’ client advisors. According to the regulator, UBS’ advisors did not adh