The Securities and Futures Commission (SFC) has banned Ms Chen Chia Hui, a former employee of The Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for life following her conviction for bribery (Notes 1 & 2).
The District Court found that Chen, 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 (Note 3).
The SFC considers Chen is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of her conviction.
The case was referred to the SFC by the Hong Kong Monetary Authority.
Notes:
- Chen was a relevant individual engaged by HSBC to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance. Chen is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
- Chen was sentenced by the District Court on 6 May 2016 to 18 months of imprisonment for contravening sections 9(1)(a) and 12(1) of the Prevention of Bribery Ordinance.
- Please see the Reasons for Sentence (Case No: DCCC 470/2015) which is available on the Judiciary’s website (www.judiciary.gov.hk).
