万亿级别罚单！韩国金融圈，突发！

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 - Five banks, including KB Kookmin Bank, Shinhan Bank, Hana Bank, Nonghyup Bank, and Standard Chartered Korea, are facing fines due to allegations of improper sales of equity-linked securities (ELS) tied to the Hang Seng China Enterprises Index [2][3]. - The total sales of related products by these banks reached 15.9 trillion KRW, with confirmed account principal losses amounting to 10.4 trillion KRW and total losses of 4.6 trillion KRW as of September last year [3][4]. Group 2: Product Characteristics and Risks - ELS products are structured financial instruments that allow investors to sell a put option on an index, promising returns if the index does not fall below a certain threshold. However, if the index drops significantly, investors face principal losses [5][6]. - The Hang Seng China Enterprises Index saw a drastic decline from 12,230 points in February 2021 to 5,481 points by January 2024, exacerbating investor losses [3][4]. Group 3: Consumer Impact and Criticism - Many affected investors are elderly, raising concerns about the appropriateness of selling such high-risk products to older clients [4][5]. - The Financial Supervisory Service is investigating whether banks adequately assessed clients' investment goals and financial situations before selling these products [4][6]. Group 4: Future Implications - Despite the ongoing regulatory scrutiny, there are indications that the South Korean banking sector is preparing to resume sales of ELS products, which are seen as a potential source of non-interest income [6][7]. - The issuance of ELS in South Korea reached 27.93 trillion KRW this year, reflecting a 16.3% increase year-on-year, although there are concerns about consumer sentiment affecting future sales [7].