HSBC, the largest lender in Asia, has been fined HK$24 million (approx. S$4.15 million) by Hong Kong’s Mandatory Provident Fund Schemes Authority (MPFA).
The penalty stems from HSBC’s offering incentives to “unregistered intermediaries” to enrol clients in its Mandatory Provident Fund (MPF) scheme between 2020 and 2021.
Source: TRADE FINANCE
