The HSBC Group member has been fined HK$66.4m (US$8.5m) for misconduct while selling investment products including secondary structured notes over a course of nine years.
Hang Seng Bank has been charged for committing ‘serious regulatory failures’ in its sales process involving collective investment schemes (CIS) and derivative products which resulted in overcharging and inadequate disclosure between February 2014 to May 2023, according to the Hong Kong Securities and Futures Commission (SFC) . In an announcement released today (27 January), the financial watchdog identified that 388 clients who purchased derivative funds in 629 transactions were in