The Securities and Futures Commission SFC has fined a retail broking unit of HSBC in Asia a hefty HK$9.6 million $1.22 million for sloppy sales of bonds.
Hong Kong’s top securities watchdog has taken issue with the way British-headquartered HSBC has been selling bonds to clients without doing its homework first neither did it carefully match the bonds to the risk appetite of those clients, it said in a statement on Thursday.
The SFC appears to making inroads into its backlog of old case files and making an example of key market players. The SFC levied a record HK$497 million in fines last year a...
¬ Haymarket Media Limited. All rights reserved.
