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South Korea's financial regulator has finalized record penalties totaling around 370 billion won ($276 million) against 13 financial institutions—seven banks and six securities firms—for mis-selling Hong Kong H-Index Equity-Linked Securities (ELS), Yonhap and other outlets report. The Financial Services Commission confirmed the fines on November 4, marking the first application of the Financial Consumer Protection Act to major financial firms. The penalties are significantly lower than the initial 1.4 trillion won proposed by the Financial Supervisory Service's sanctions review committee, with Maeil Business Newspaper reporting that five banks received 362 billion won in fines, down from the roughly 600 billion won suggested in June. The action concludes a three-year process that began with a November 2023 FSS investigation, according to Dong-A Ilbo. Korean media emphasize the scale of the penalty, with Kyunghyang Shinmun calling it the largest monetary sanction ever imposed by financial authorities, while Maeil Business Newspaper notes the banking sector's relief at the reduced amount.