HONG Kong's securities regulator said on Monday it had fined Hang Seng Bank HK$66.4 million ($8.52 million) for overcharging its clients while selling investment products.
The Securities and Futures Commission (SFC) said the bank earned at least HK$22.4 million in excess fees between February 2014 and May 2023, and exposed some clients to "significant" losses when it asked them to conduct frequent collective investment schemes (CIS) transactions with short holding periods.