Singapore fines UBS $8 million over deceptive bond trades

Business


A man walks past a UBS logo projected on a screen in Singapore, January 14, 2019. REUTERS/Feline Lim

SINGAPORE (Reuters) – Singapore said on Thursday it had levied an S$11.2 million ($8 million) fine on Swiss bank UBS after investigations showed its advisors deceived clients over prices for bonds and structured products.

Loading...

The Monetary Authority of Singapore (MAS) said UBS (UBSG.S) had reported certain malpractices in Hong Kong and Singapore in 2016.

“The enforcement action followed UBS’ reporting of the misconduct to MAS…UBS has admitted liability for its client advisors’ actions and paid MAS the civil penalty,” MAS said in a statement.

JustForex

“As part of the civil penalty settlement, UBS will compensate all affected clients managed by UBS’ Singapore branch.”

($1 = 1.3599 Singapore dollars)

Reporting by John Geddie; Editing by Toby Chopra



Source link

Loading...

Articles You May Like

Jobs of the future are clustering in a handful of U.S. cities, study finds
Saudi airman may have become radicalized before U.S. Navy base attack
Technicality hinders Austrian ban on weedkiller glyphosate
France’s Macron: let’s press on with Brexit after UK’s election
U.S. health spending recovers after two slow years: CMS

Leave a Reply

Your email address will not be published. Required fields are marked *