Swiss banking titan UBS has been fined $51 million by Hong Kong authorities for overcharging global customers for almost a decade, saying it had failed to "act in its clients' best interests".
The city's Securities and Futures Commission (SFC) said the company manipulated the price of trades for bonds and structured products from 2008 to 2015 and also applied excessive fees for some clients between 2008 and 2017.
SFC chief executive Ashley Alder said in a statement: "Although each overcharge represented a fraction of each trade, UBS's misconduct involved deception and a pervasive abuse of trust resulting in significant additional revenue for UBS to which it was not entitled."
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