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Hong Kong Securities Watchdog Continues Crackdown

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Hong Kong Securities Watchdog Continues Crackdown

The Hong Kong Securities and Futures Commission (SFC) has banned Chen Chia Hui, a former employee of HSBC, from re-entering the industry for life following her conviction for bribery.

The District Court found that Chen, a relationship manager of HSBC at the material time, accepted a secret commission in the sum of HKD500,000 on 9 February 2013 as compensation for recommending and selling to a HSBC customer an insurance policy issued by a competitor. 

Chen also did not make it clear to the customer that the insurance policy was not a product of HSBC, which was to the detriment of the bank’s interests.

The SFC considers Chen is not a fit-and-proper person to be licensed or registered to carry on regulated activities as a result of her conviction.

The District Court found that Chen, a relationship manager of HSBC at the material time, accepted a secret commission in the sum of HKD500,000 on 9 February 2013 as compensation for recommending and selling to a HSBC customer an insurance policy issued by a competitor.

Chen also did not make it clear to the customer that the insurance policy was not a product of HSBC, which was to the detriment of the bank’s interests.

The SFC considers Chen is not a fit-and-proper person to be licensed or registered to carry on regulated activities as a result of her conviction.

Source: Hubbis

By Pathay Singh on 10/12/16