韩国金融圈，突发万亿级别罚单

Core Viewpoint - South Korean financial regulators have issued preliminary fines totaling 20 trillion KRW (approximately 9.6 billion RMB) to five banks for improper sales of financial derivatives, marking a significant regulatory action since the implementation of the Financial Consumer Protection Act in 2021 [1][3]. Group 1: Regulatory Actions - The five banks involved are KB Kookmin Bank, Shinhan Bank, Hana Bank, NongHyup Bank, and Standard Chartered Korea, while Woori Bank was excluded from penalties due to lower sales volumes [2]. - The fines are a result of significant investor losses in ELS (Equity-Linked Securities) products linked to the Hang Seng China Enterprises Index, with total sales amounting to 15.9 trillion KRW [3][4]. - The Financial Supervisory Service (FSS) is investigating whether the banks adequately assessed clients' investment goals and financial situations before selling these products [4]. Group 2: Financial Impact - As of September last year, confirmed losses for investors reached 10.4 trillion KRW, with total losses amounting to 4.6 trillion KRW [3][4]. - The FSS plans to hold a disciplinary review committee on December 18 to initiate formal sanction procedures, which may lead to a reduction in the total fine amount due to factors like consumer compensation [4]. Group 3: Product Characteristics - ELS products are structured financial instruments that allow investors to sell put options on stock indices, promising returns unless the index falls below a specific threshold [5]. - These products have gained popularity among retail investors in South Korea, particularly among older individuals seeking low-risk investment options [5][6]. Group 4: Market Reactions - Following the controversy over improper sales, the banking sector is preparing to resume ELS sales, viewing them as a potential source of non-interest income [7]. - Despite a 16.3% year-on-year increase in ELS issuance this year, there are concerns about consumer sentiment, which may hinder sales recovery to previous levels [7].