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SFC fines HSBC HK$1.2 million for breaching telephone recording rules

Asian Private Banker - SFC and SEC enhance cross-border scrutiny

Hong Kong’s Securities and Futures Commission (SFC) has fined HSBC HK$2.1 million after its private banking division failed to tape-record more than 5,000 client order instructions. According to a circular published by the SFC today, HSBC Private Banking had not enabled voice recording on 59 of its telephone lines between 8 April 2017 and 31 January 2018, which resulted in…

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