Hong Kong regulator bans former StanChart banker

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Hong Kong regulator bans former StanChart banker

Hong Kong's financial services regulator, the Securities and Futures Commission (SFC) has banned a former Standard Chartered banker from working in the industry for 21 months.

The SFC said Chan Shun King failed to disclose his personal securities accounts with three different financial institutions.

According to the SFC, Chan directed 48 securities to these accounts without obtaining clearance from his then-employer, Standard Chartered.

In deciding the sanction, the SFC took into account all relevant circumstances, including the duration of Chan's misconduct and her otherwise clean disciplinary record."

The case, which was referred to the SFC by the Hong Kong Monetary Authority (HKMA), refers to activity that occured between 2010 and 2017. During this period Chan also amanded transactions in two client accounts without the knowledge of his superiors.

The SFC described Chan's behavious as "wilful misrepresentation" that "calls into question her character."

In a statement this morning, the SFC said: "Chan had failed to act with due skill, care and diligence and in the best interests of the clients."

"Chan's conduct was prejudicial to the clients' interests as it prevented SHKIS from monitoring and supervising the operation of the accounts and the clients were deprived of protection against the risk of unauthorized trades carried out in their accounts."

"In deciding the sanction, the SFC took into account all relevant circumstances, including the duration of Chan's misconduct and her otherwise clean disciplinary record."

The SFC's full statement, realeased today, can be viewed here.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.