The SFC’s investigation found that, between 1 January 2011 and 31 December 2013, charges, mark-ups and fees from around 2,300 transactions exceeded the levels outlined in client documents.
The investment products affected include equities, bonds, structured products, options, swaps, and funds.
The total overcharged amount was around HK$9.5m.
Self-reported
The wealth management firm self-reported the matter to the SFC and Hong Kong Monetary Authority and co-operated with the SFC in resolving the matter.
BNP Paribas Wealth Management was also reprimanded for failing to exercise due skill, care and diligence as outlined in the SFC’s code of conduct.
The level of the fine would have been higher but for the company agreeing to engage in an independent review and ensure all overcharged amounts are returned to clients.
The SFC has invited affected clients to contact BNP Paribas Wealth Management in relation to the repayment of overcharged amounts.
