The combined amount of fines and penalties is expected to reach about KRW2 trillion (US$1.45 billion).
Financial Supervisory Service (FSS), the Korean financial regulator, has sent preliminary notices of penalties on 28 November to five banks over alleged mis-selling of equity-linked securities (ELS), according to a report by business daily Maeil Business Newspaper. The sanctions stem from massive losses investors suffered in Hscei-linked ELS products last year ELS are debt instruments with variable payments linked to an equity market benchmark that incur principal losses if the u