All posts tagged "Woori Bank"
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505EnforcementKorea: FSS Confirms ‘Bad Bank’ Plan to Recover Lime Asset Losses
FSS governor Yoon Suk-heun also pledged to establish a sustainable monitoring system, in light of events at Lime Asset Management and last year's derivative product mis-selling at banks.
April 29, 2020 -
385Korea
Korea: Banks, Brokers Propose ‘Bad Bank’ to Recover Lime Asset Losses
19 banks and securities firms will likely comprise the new entity, which will be charged with acquiring and selling the assets of Lime Asset Management’s funds.
April 21, 2020 -
521EnforcementKorea: Woori, Hana Barred from Selling PE Funds for Six Months
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, 2020 -
547Enforcement
Lime Asset, Shinhan Investment Raided in Hedge Fund Misselling Probe
Investigators were dispatched to both firms to secure computer drives and documents linked to alleged misselling and fraud at both firms.
February 20, 2020 -
425Enforcement
FSS Reprimands Woori, Hana Chiefs for Derivatives Mis-Selling
The 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, 2020 -
781KoreaFSS Korea to Reorganise Consumer Protection Department
The FSS will reorganise its consumer protection department to boost supervision of high-risk financial products, and establish suptech and regtech teams.
January 24, 2020 -
637Enforcement
Nine Korean Banks Face Legal Action for Selling Loss-Making Funds
Investors are reportedly preparing for a suit against banks which sold them loss-making funds from Lime Asset Management without properly disclosing the risks.
January 9, 2020 -
422EnforcementFSC Korea Finalises Measures to Protect Investors From Risky Products
The sale of highly complex derivative products will still be banned, but banks will be allowed to sell equity-linked trusts linked to the KOSPI 200, S&P 500, Euro Stoxx 50, HSCEI or Nikkei 225.
December 16, 2019 -
691Enforcement
UPDATED – South Korea Cracks Down on High-Risk Derivatives Sales
Penalties 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 -
989Fintech / Regtech
S. Korea Launches 10-Bank Pilot of Open Banking System
Initially, bank customers will be able to access services from 10 banks, before the system is expanded to other banks and fintech firms in December.
October 31, 2019
