Posted inRegulation

Hong Kong bans StanChart RM for life

Regulators found that a relationship manager at the bank made fund transactions without client's consent in order to meet his sales targets.
Wong Chun-Yin has been banned from working in the financial industry for life, he Securities and Futures Commission said.
Wong, a former Standard Chartered Bank Hong Kong relationship manager, was dealing and advising clients on securities.
His offenses occurred between October 2011 and May 2012, when “Wong effected fund transactions in clients’ accounts without their authorisation to meet his sales targets and tried to conceal his misconduct by tampering with one client’s contact information,” the regulator said.
“Wong also falsified client instructions for the transactions by misleading the clients into signing fund order forms which were blank or with essential instruction particulars missing from the forms.”
The SFC concluded after an investigation that Wong should not be licensed, adding that “the affected clients have been made whole by SCBHK.”

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