The wealth arm of the French banking group has been punished by a Hong Kong regulator for overcharging customers.

BNP Paribas Wealth Management has been fined HK$4 million ($515,000) by a Hong Kong regulator for overcharging clients to the tune of about HK9.5 million for a period lasting almost two years.

The fine was imposed by the Asian jurisdiction’s Securities and Futures Commission for behaviour during the period from 1 January 2011 to 31 December 2013.

Charges, mark-ups and fees received by the firm from around 2,300 clients were higher than those stated in documents given to customers, the regulator said. Transactions covered different types of investment products, including equities, bonds, structured products, options, swaps and funds.

The French bank’s wealth unit was at fault for not observing 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 SFC said in a statement yesterday.

The SFC said its fine would have been higher but for the fact that BNP Paribas agreed to use an independent reviewer to examine the charges; its repayment of overcharged amounts; its self-reporting of the matter, co-operation with authorities and clean disciplinary record.