Investors have lost almost $1bn, with another $3.5bn expected. The FSS issued a compensation guideline for financial firms that mis-sold the risky ELS products.
March 12, 2024FSS Korea warns of stern repercussions for misconduct by financial firms, excessive risk-taking, and high fees and interest rates.
February 7, 2024High-risk equity-linked securities were sold to customers who prioritised principal protection, were close to retirement, and those planning for future cancer treatments.
February 6, 2024The FSS found that some firms incentivised sales of high-risk and complex ELS products through internal policies and KPIs.
January 10, 2024Woori's latest embezzlement case involves an employee who stole over KRW 200 million from the bank.
November 13, 2023The FSC will impose new rules for securities firms on stress testing, liquidity management, leverage and mandatory FX hedging, among its measures to protect investors from risky products.
August 4, 2020Driven by demand from retail investors for higher yields, some securities firms have been selling ELS products beyond their equity capital.
May 11, 2020Penalties for mis-selling are being toughened to include fines up to 30 million won and punitive fines up to 50 percent of unfair gains. New standards for professional investors also established.
November 14, 2019