On the 18th, the Financial Supervisory Service held a second trial of sanctions against Woori Bank and Shinhan Bank, which are lime fund sellers.
The two banks sold lime funds worth 357.7 billion won and 2769 billion won, respectively. The Financial Supervisory Service has notified the two banks of the “institutional warning” severe disciplinary action in advance, asking them to be held liable for the incomplete sale of the fund. Woori Financial Group Chairman Son Tae-seung, who was the president of Woori Bank at the time, was suspended from office, and Shinhan Bank President Jin Ok-dong was notified of a censure warning.
However, the Financial Supervisory Service’s Consumer Protection Office will appear as a reference to the sanctions hearing, revealing opinions on the bank’s consumer protection measures and efforts to remedy damage, and is expected to influence the decision on the level of sanctions. Woori Bank accepted the FSS’ decision to cancel the contract due to an error in the Lime Trade Finance Fund and decided to compensate for 100%, followed by a decision to accept the 55% basic compensation ratio for Top 2, Pluto, and Tetis funds. It is known that Shinhan Bank has also decided to compensate some investors through private reconciliation.
An official from the Financial Supervisory Service explained, “In the case of a financial accident that caused serious damage, the Consumer Protection Agency is required to express its opinion at the sanctions review,” and “However, the sanctions judges will judge whether sufficient compensation has been made to consumers.”
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