UBS Financial Services, a subsidiary of UBS Group AG (UBSG.S), has agreed to pay more than $15 million to settle charges it failed to adequately train its sales force about key aspects of certain complex financial products it sold to retail investors, the U.S. Securities and Exchange Commission said on Wednesday.
UBS sold some $548 million in reverse convertible notes (RCNs) to more than 8,700 relatively inexperienced customers without educating its sales people about the products enough to enable them to make suitable recommendations, the SEC said in a statement.
REUTERS
About the Author
