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Punitive compensation order

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Discipline of banks is starting point for eliminating misleading selling

The Financial Supervisory Service has ordered two local banks to pay the highest compensation ever for misleading selling of derivatives-linked fund (DLF) products to investors, causing severe financial losses. The regulator's financial dispute arbitration committee Thursday told Woori Bank and KEB Hana Bank to compensate 40 percent to 80 percent of their customers' losses.

In deciding the compensation rate, the panel took into account the banks' failures to notify investors of high risks and to maintain tight internal controls, as well........

© The Korea Times