The Securities and Future Commission of Hong Kong has fined the wealth management unit of BNP Paribas with HK$4 million for overcharging clients between 2011 and 2013. The regulator said BNP Paribas Wealth Management had overcharged clients an aggregate HK$9.5 million over 2,300 equity, bond, structured product, fund and derivative transactions. It said the unit violated the regulator’s code of conduct with the charges – which exceeded those outlined in documentation provided to clients – by failing to exercise due skill, care and diligence to ensure the monetary benefits it received from client transactions were fair and reasonable, and in accordance with its representations to the clients. The bank had self-reported the incident and has repaid the charges.