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Hong Kong’s Securities and Futures Commission (SFC) has reprimanded and fined BNP Paribas Wealth Management (BNPPWM) $4 million for overcharging its clients between 1 January 2011 and 31 December 2013.
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The SFC’s investigation found during this time period, the monetary benefits, including charges, mark-ups and fees, received by BNPPWM from around 2,300 client transactions exceeded the levels it represented in the documentation provided to the clients.
The total amount overcharged was in the region of $9.5 million with the affected transactions covering various types of ... (read more)