SFC reprimands Standard Chartered Bank
07-01-2009
The Securities and Futures Commission has reprimanded Standard Chartered Bank for failing to give equal treatment to clients who bought mutual funds run by two fund houses. The bank will compensate 1,260 clients at a total cost of US320,000 plus interest. But Standard Chartered said it hadn't done anything wrong and it was making the payment voluntarily. Investigations showed that the bank allowed one of its clients to get same-day pricing without making the information available to other clients.
