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, 2020Woori Bank and Hana Bank are additionally being fined 19.71bn and 16.78bn won, respectively, for mis-selling of derivatives-linked funds.
March 4, 2020Investigators were dispatched to both firms to secure computer drives and documents linked to alleged misselling and fraud at both firms.
February 20, 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 FSS will reorganise its consumer protection department to boost supervision of high-risk financial products, and establish suptech and regtech teams.
January 24, 2020Investors 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, 2020The 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, 2019Penalties 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, 2019Initially, 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, 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, 2019