Reprimand and HK$4 million fine for overcharging about 2,300 client transactions (2011 to 2013); about HK$9.5 million overcharged
The SFC found that BNP Paribas Wealth Management charged monetary benefits above the levels represented to clients on about 2,300 transactions between 1 January 2011 and 31 December 2013, totalling about HK$9.5 million. The firm self-reported, was reprimanded and fined HK$4 million, and agreed to an independent reviewer to ensure repayment. The SFC release names BNP Paribas (the branch) as administering repayments.
respondent was an affiliated registered institution (BNP Paribas Wealth Management); BNP Paribas administers repayments
has reprimanded and fined BNP Paribas Wealth Management (BNPPWM) $4 million.
Repayment of overcharged amounts to current and former clients; independent reviewer engaged.