Singapore fines UBS $8 million over deceptive bond trades

This post was originally published on this site

https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEFAD0YR_L.jpg

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.

The Monetary Authority of Singapore (MAS) said UBS (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.

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

($1 = 1.3599 Singapore dollars)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.