Private Banking

Tribunal rejects HSBC’s appeal of 2015 SFC sanction, but lowers fine to HK$400m from HK$605m

HSBC Private Bank fined record HK$400 million, as appeal rejected

HSBC Private Bank (Suisse) was fined a record HK$400 million (US$51.2 million) on Tuesday by the Securities and Futures Commission, after losing its appeal against a 2015 ruling for misconduct relating to the sale of structured products linked to Lehman Brothers.