Woori Bank and Hana Bank are additionally being fined 19.71bn and 16.78bn won, respectively, for mis-selling of derivatives-linked funds.
March 4, 2020The FSS is also recommending a 20-billion-won penalty be imposed on both banks, and for some of their operations to be suspended for six months.
January 31, 2020The rules include higher net worth requirements, caps on advice fees, and client level segregation of investment advice from product distribution.
January 20, 2020The FSS will conclude its investigation into KEB Hana and Woori Bank this week. KEB Hana and its CEO are expected to face higher penalties for 'obstructing' the investigation.
October 28, 2019FSS data shows that JP Morgan Chase and Société Générale earned nearly $6.8mn from the high-risk derivatives products sold through KEB Hana and Woori Bank.
October 23, 2019The FSC will reportedly increase the number of banking, financial investment and asset management experts it has on staff for inspections of banks, security firms and insurers.
October 21, 2019KEB Hana Bank is said to have deleted data related to the sale of derivative-linked funds after the FSS had already declared its intent to conduct inspections at the bank.
October 17, 2019Only China, Hong Kong, Japan and Singapore are fully consistent with all nine IOSCO principles on suitability requirements for the distribution of complex financial products.
September 27, 2019SEBI proposes a higher net worth requirement, a higher minimum investment, and standardised performance reporting for portfolio managers, among other changes.
August 6, 2019ASIC's ban will protect consumers where sales issues and consumer harm have already been identified, ahead of wider legislative reform by the government.
July 22, 2019