Standard Chartered Investment Services has been slapped with a fine worth $3 million in Hong Kong for hiring staff with insufficient investment experience.
The Securities and Futures Commission (SFC) found Standard Chartered failed to ensure there were at least two key personnel who met the minimum investment experience requirement.
Between 2000 and 2013, Standard Chartered had just one key member of staff who met the requirement of at least five years experience in managing retirement or public funds.
The SFC said Standard Chartered “failed to implement adequate policies and procedures for the operation and monitoring of the investment experience of key personnel.”
The Hong Kong regulator added that Standard Chartered Investment Services cooperated with it in resolving the issue and has “since taken steps to strengthen its policies.”