BNP Paribas Wealth Management fined for overcharging
The French private bank overcharged clients in Hong Kong HK$9.5 million ($1.23 million) over the course of three years.
Hong Kong’s securities regulator has fined BNP Paribas Wealth Management HK$4 million ($515,703) for overcharging clients between January 1, 2011 and December 31, 2013.
The Securities and Futures Commission (SFC) said the monetary benefits – including charges, mark-ups and fees – from around 2,300 client transactions exceeded the levels the bank represented in its documentation.
The total overcharged was around HK$9.5 million. The affected transactions covered investment prod…
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