![[라임 분조위] ① Banks sold lime funds to senior citizens who couldn’t read the letters](http://img.lb.inews24.com/facebookexternalhit/face/626x352/image_joy/202102/1594104603138_1_110145.jpg "[라임 분조위] ① Banks sold lime funds to senior citizens who couldn’t read the letters")
[아이뉴스24 서상혁 기자] The Financial Supervisory Service’s Dispute Mediation Committee decided to compensate Woori Bank and IBK in compensation up to 78% of the investment loss. As a result of the test, it was confirmed that banks sold Lime Fund, a dangerous product, to elderly people in their 80s with reduced vision. It turned out that the customer’s investor tendency was arbitrarily written as an’attack investment type’.
On the 24th, the Financial Supervisory Service announced the results of the Lime Fund Dispute Mediation Committee. The Committee made recommendations to Woori Bank and IBK to compensate three investors for 65-78% of investment losses.
◆ Lime Fund sales to 82-year-olds… It was also recommended to customers who wanted to make a deposit.
The Lime Incident refers to a case in which about 4,000 individual investors and 581 corporate investors were damaged due to the delay in redemption of 173 funds managed by Lime Asset Management. The scale of the redemption delay amounted to about 1.6 trillion won. The total number of dispute mediation applications filed with the Financial Supervisory Service until the 15th was 682.
According to the Financial Supervisory Service, 182 disputes were filed against the Limetop 2 Balance 6M fund sold by Woori Bank and IBK, and 20 disputes were filed against the Lime Repo Plus 9M fund. Repurchases of KRW 2703 billion and KRW 28.6 billion are postponed, respectively. Three of these were rejected by the committee.
The Branch Committee saw that all three cases were responsible for the damages of the bank. It is a judgment that the principle of conformity and the duty of explanation have been violated. Financial institutions should identify customers’ investment objectives, investment experiences, risk preferences, and expected investment period in advance and recommend appropriate investment methods. Should be.
According to FSS inspection results, banks have sold Lime Fund, a risky product, to investors who want to guarantee the principal. Even though the investor wanted to guarantee the principal, it recommended the Lime Fund and encouraged them to sign the’Confirmation of Oversubscription to Risk Rating’ without sufficient explanation.
This investor was 82 years old. In order for a bank to sell high-risk products to elderly people, it is necessary to conduct a pre-confirmation of those who pass the audit. However, the bank did not do this.
In particular, this customer had so bad eyesight that he could not read the documents, so he had no choice but to rely on what the seller explained. Taking this into account, the Committee recommended compensation for 78% of the investment loss.
The case of randomly writing the investment grade was also placed on the committee. A parent small company operating in the asphalt concrete manufacturing business inquired about safe products, but the bank recommended Lime Fund by arbitrarily listing the investment propensity of the company as an aggressive investment type, such as’If the expected return is high, it doesn’t matter if the risk is high’.
In addition, the bank did not explain the investment structure of the Lime Fund, a single-mother and child-type fund, and the risks of the fund to be invested, and issued materials for employee education that did not fully describe the investment risk. In this case, the committee decided to set the compensation ratio to 68%.
In the case of selling the Lime Fund to retirees in their 60s with no investment experience without explaining the risks, a 65% compensation rate was given. The investor requested a recommendation for a term deposit, but the bank arbitrarily wrote the investment tendency as risk neutral. It did not explain the risk of investment targets and did not conduct a monitoring call to check for incomplete sales.
◆ Basic compensation ratio was higher than that of Woori Bank and IBK, which had large sales
Prior to calculating the compensation ratio, the Financial Supervisory Service determined the basic compensation ratios for Woori Bank and IBK at 55% and 50%, respectively. In the same way as in previous cases of violation of the principle of suitability of sales staff and explanation obligations of branch sales staff, 30% was applied, and in consideration of the responsibility for neglect of investor protection at the headquarters level, ▲Woori Bank 25% and ▲IBK 20% were added.
In the case of Woori Bank, a higher level of basic compensation than IBK was decided in consideration of the large scale of lime funds and the large degree of violation of regulations.
An official from the Financial Supervisory Service explained, “Woori Bank had more sales than IBK, and although it is difficult to reveal concretely, it was considered that there were more violations of regulations during the inspection process.” Earlier, the Financial Supervisory Service reportedly informed Woori Bank of the disciplinary action on the grounds of’prohibition of unfair solicitation’ under the Capital Markets Act.
The Financial Supervisory Service plans to proceed with autonomous mediation based on the standards of this subcommittee for the remaining dispute mediation applications that are not submitted to the Dispute Mediation Committee. The compensation rate is as low as 40% and as high as 80%.
An official from the Financial Supervisory Service said, “If the mediation process goes smoothly, it is expected that the damage relief for the unpaid 2989 billion won due to the delay of the redemption will end.”
Meanwhile, if investors and banks accept the mediation within 20 days, the mediation will be established. In accordance with the current law, dispute mediation has the same effect as arbitral mediation. However, as the investigation is currently underway, it is possible to reorganize it by canceling the contract in the future depending on the outcome of the trial.
Last year, the Financial Supervisory Service held a dispute settlement committee on the Lime Trade Finance Fund and decided to cancel the contract due to error. Accordingly, the selling banks returned the full amount of the investment to the investor.
Reporter Seo Sang-hyuk [email protected]