The financial labour union held a news conference on Jan. 28 in front of the Financial Supervisory Service in Yeouido in the afternoon, calling for a full review of the criteria for calculating fines related to the ELS case and immediate corrections over allegations of human rights violations raised during a special inspection process. [Photo: reporter Ji-young Lee]

A decision on fines over banks' alleged mis-selling of equity-linked securities (ELS) tied to Hong Kong's H-share index has been postponed again.

On April 15, the Financial Services Commission did not put the Hong Kong ELS fine item on the agenda for its regular meeting, making a conclusion within this month unlikely.

As a result, the FSC has been unable to reach a decision for more than 2 months after receiving the case from the Financial Supervisory Service's sanctions deliberation committee in February.

The FSS sanctions panel had previously decided to impose about 1.4 trillion won in fines on the banking sector, and banks had been arguing for additional reductions.

The FSC, which received the final decision, has been said to be deliberating over the scale of any reduction because further cuts of up to 75 percent are possible under the Financial Consumer Protection Act and related laws.

Keyword

#Financial Services Commission #Hong Kong #H-share index #Equity-linked securities #Financial Supervisory Service
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