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Financial regulator imposes record 371.2 billion won penalties on banks, securities firms
Financial authorities have finalized penalties of 371.2 billion won against seven banks and six securities firms for mis-selling Hong Kong H-Index equity-linked securities (ELS) without sufficient explanation. The Financial Services Commission (FSC) described this as the largest financial sanction in history, though the amount was reduced from an initial 1.4 trillion won. The Korea Economic Daily reports that the regulator decided to impose the penalties at a regular meeting on November 4.
