Priority payment of fund investment principal, etc.
Show consumer damage recovery efforts
Touched by the sanctions trial held on the 25th
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While the Financial Supervisory Service decided on the preliminary disciplinary action of IBK IBK, a Lime Discovery fund seller, that was less than the initial notice. This is focused. The two banks plan to express that they have returned investments first to relieve damages of private equity subscribers and have actively taken measures to protect consumers. The Financial Supervisory Service has also reorganized its system to take into account financial companies’ efforts to recover from consumer damage when setting the level of sanctions after the DLF crisis.
According to the financial sector on the 7th, the Financial Supervisory Service will hold sanctions on Woori Bank and Shinhan Bank on the 25th. The Financial Supervisory Service notified Woori Finance Chairman Son Tae-seung, who was the head of Woori Bank at the time the Lime Fund was sold, of a suspension of duties (a significant amount) and a censure warning to Shinhan Bank President Jin Ok-dong. Both are restricted from employment in financial companies for 3 to 5 years due to severe punishment.
However, this is a disciplinary action decided and suggested by the Financial Supervisory Service. The level may be adjusted during the sanctions review stage in which external members participate. The actual FSS sanctions trial issued a cautious warning (significantly) to former chief executive Kim Do-jin of IBK on the 5th. This is a minor disciplinary action, which was reduced by one level from the censure warning (severe disciplinary action) previously notified by the Financial Supervisory Service. It is known that IBK made intensive efforts to relieve victims in the sanctions trial.
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As IBK avoided severe disciplinary action for the CEO, the possibility of adjusting the level of disciplinary action against Woori and Shinhan Banks, which is facing sanctions, is raised. In May last year, the Financial Supervisory Service revised the enforcement regulations on financial institution inspections and sanctions, and added’whether or not efforts to recover damages such as sufficient compensation for damages of financial traders’ as a reason to take into account when the sanctions are lifted. The intention is to prepare an institutional incentive for financial companies to actively pay for consumers. The Financial Services Consumer Protection Office of the Financial Supervisory Service, which has the authority to consult on sanctions, is also planning to actively express opinions to consider when the sanctions are lifted for sellers that have made sufficient efforts to deal with post-mortem and recover consumer damage.
After the Lime Fund redemption ceased, banks have been remedies for consumer damage. In June of last year, Woori Bank decided to first pay up to 51% of the principal investment to investors of Lyme Asset Management’s Pluto and Tetis Fund, and the Financial Supervisory Service requested that investors of the Trade Finance Fund (Pluto TF-1) compensate 100% of the principal. They accepted the dispute settlement proposal and made full compensation. In the industry, this is highly likely to be evaluated positively. Shinhan Bank also decided to pay 50% of the investment in advance for the credit insured (CI) fund, which has not been confirmed to be lost, for the first time among banknotes. In addition, Shinhan explained that it took active measures to rescue consumers.
/ Reporter Ji-Young Kim [email protected], Reporter Binnan Bird [email protected]
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