Hong Kong tribunal issues stern warning and HK$400m fine to HSBC Private Bank

HSBC Private Bank in Hong Kong has been fined HK$400m (US$51m) and suspended from advising on securities in Hong Kong for one year, from November 21, 2017, for "materially flawed" internal processes on the sale of structured products issued by Lehman Brothers and leveraged forward accumulators (FAs). The private bank's securities dealing licence has been suspended for a year, with the bank allowed only to handle trading in listed securities for clients and to provide advice incidental to this tr