SFC Bans Former Relevant Individual of Standard Chartered Bank (Hong Kong) for 6 Months

The Securities and Futures Commission (SFC) has banned Mr Chan Ka Hey, a former relevant individual of Standard Chartered Bank (Hong Kong) Limited (SCBHK), from re-entering the industry for six months from 28 July 2022 to 27 January 2023.

The SFC's disciplinary action follows a referral by the HKMA. The HKMA's investigation, which stemmed from a self-report by SCBHK, found that Chan had cut and pasted a customer's signature onto a direct debit authorisation form to deceive SCBHK and an insurance company into believing that the form was signed by the customer.

In April 2021, the HKMA issued a decision to suspend Chan from the industry for the above misconduct but Chan ceased to be registered as a relevant individual with the HKMA in May 2021 before the HKMA's disciplinary decision could take effect. As the statutory power to discipline a former relevant individual rests with the SFC, the HKMA referred the case to the SFC for appropriate action.

The SFC considers that Chan is not fit and proper to be a regulated person as his conduct casts doubt on his reliability and ability to carry on regulated activities honestly.