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Singapore fines UBS $8 million over deceptive bond trades

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By Reuters
Singapore fines UBS $8 million over deceptive bond trades
FILE PHOTO: The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland January 27, 2017. REUTERS/Arnd Wiegmann   -   Copyright  Arnd Wiegmann(Reuters)

SINGAPORE (Reuters) – Singapore said on Thursday it had fined UBS S$11.2 million (£6.44 million) after investigations showed the Swiss bank deceived wealthy clients over prices for bonds and structured products.

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

“The conduct of UBS through its representatives is unacceptable and has no place in the financial services industry where trust and integrity are paramount,” said Ong Chong Tee, deputy managing director, financial supervision at MAS.

MAS added that UBS had fully cooperated with the investigation and undertaken to compensate affected clients, which was taken into account in the punishment.

UBS said in an emailed statement: “The behavior of the individuals involved is unacceptable and in strong contrast to the behavioral principles of our firm.”

(Reporting by John Geddie; Editing by Toby Chopra)