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HSBC investment divisions settle with B.C. Securities Commission on over-charging
VANCOUVER – The B.C. Securities Commission says two divisions of the HSBC Bank Canada have settled with the regulator after over-charging investment clients.
The securities commission said HSBC Investment Fund Inc. repaid 4,651 clients a total of $7.1 million while HSBC Private Wealth Services Inc. repaid 10 clients about $10,000 after inconsistently applying discounts.
The commission said the two HSBC divisions co-operated fully with the review and agreed to pay the regulator $320,000 in the settlement.
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