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The Financial Services Commission finalized a 371.2 billion won penalty on Wednesday for the mis-selling of Hong Kong H-Index equity-linked securities (ELS) by seven banks and six securities firms, marking the largest financial sanction in history. The penalty was reduced from an initial 1.4 trillion won proposal, and Nonghyup Bank was fined the largest amount at 172.3 billion won. The Financial Supervisory Service began investigations in November 2023, and this case marks the first application of the Financial Consumer Protection Act to major financial institutions. The regulator stated that the penalties were imposed to prevent incomplete sales and protect financial consumers.