The financial watchdog imposes a total of KRW70 million in fines across three banks as part of the HSCEI-tied autocall mis-selling scandal in early 2024.
South Korea’s Financial Supervisory Service (FSS) has imposed fines on three domestic banks for improper sales of equity-linked trusts (ELTs) tracking the Hang Seng China Enterprises Index (HSCEI). The regulator fined Kookmin Bank, Hana Bank, and Shinhan Bank over KRW36m (US$24,900), KRW24m, and KRW10m, respectively, according to its long-anticipated sanction notice dated 24 December. The three banks violated their obligation to record the sale of these trusts, which are packaged in trus