The Hong Kong regulator has banned a former employee of The Hongkong and Shanghai Banking Corporation, from re-entering the industry for life, following her conviction for bribery.
The Securities and Futures Commission (SFC) took the action after the District Court found that Chen Chia Hui, a relationship manager of HSBC at the material time, accepted a secret commission in the sum of $500,000 on 9 February 2013 as compensation for recommending and selling to a HSBC customer an insurance policy issued by a competitor.
Chen also did not make it clear to the customer that the insurance policy was not a product of HSBC which was to the detriment of the bank’s interests.
Chen was sentenced by the District Court on 6 May 2016 to 18 months of imprisonment.
As a result of her conviction the SFC considers Chen is not a fit and proper person to be licensed or registered to carry on regulated activities.
