SFC makes SG's wealth arm repay clients
A ruling by Hong Kong’s SFC against the wealth-management arm of Société Générale is the first penalty against a private bank for internal lapses.
Hong Kong’s Securities and Futures Commission has reprimanded Société Générale and required its wealth-management business to repay customers over lapses in its internal controls.
SG was found to have failed to disclose certain fees and charges in secondary market transactions of over-the-counter bonds, options and structured notes.
SG has not admitted liability, but has agreed to reimburse affected customers the full value of this fee, with interest, for a total of $11 million.…
Please sign in or register
for free access to 1 article per month from AsianInvestor’s content and archives of over 16,000 articles.
¬ Haymarket Media Limited. All rights reserved.