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South Korea's financial regulator has finalized record penalties against 13 financial institutions for mis-selling Hong Kong H-Index equity-linked securities (ELS). The Financial Services Commission (FSC) imposed a combined 371.2 billion won in penalty surcharges on seven banks and six securities firms, with fines and penalties totaling 374.632 billion won, the largest monetary sanction ever levied by the FSC. The amount was reduced from an initial 1.4 trillion won proposed by the Financial Supervisory Service, and follows a three-year process since the regulator's probe began in November 2023. Yonhap reports the penalties were finalized on November 4, 2026, marking the first application of the Financial Consumer Protection Act to major financial firms. The Korea Times notes the penalties amount to about $276 million. The decision concludes the regulatory process for the Hong Kong ELS scandal, which involved banks and brokerages failing to adequately disclose investment risks.