Hana Financial Investment and IBK Investment Receive 'Lowest Scores' in Incomplete Sales Inspection... Park Yong-jin Urges "Financial Authorities Must Take Action"

[Asia Economy Reporter Wondara] Hana Financial Investment and IBK Investment & Securities received the lowest scores in the Financial Supervisory Service's mystery shopping (secret inspection) in the field of incomplete sales.

According to the '2019-2020 Securities Firms Mystery Shopping Result Report' submitted by the Financial Supervisory Service to Park Yong-jin, a member of the National Assembly's Political Affairs Committee from the Democratic Party of Korea, the securities firms that received the lowest 'poor' rating were Hana Financial Investment (58.8 points) and IBK Investment & Securities (31 points). The three firms rated as 'inadequate' were Mirae Asset Daewoo (34), NH Investment & Securities (67.4 points), and Shinhan Financial Investment (61.1 points).

The survey was conducted over nine weeks from August 19 to October 18 last year, during which investigators visited 250 branches of 17 securities firms, expressing their intention to invest surplus funds and contract for overseas bonds, and requested consultations. Based on the investigation, the Financial Supervisory Service evaluated related items such as the suitability principle for overseas bonds (30%), obligation to explain and guidelines for selling unsuitable products (20%), and obligation to explain (50%).

Rep. Park stated, "It appears that the financial authorities have consistently pointed out issues such as incomplete sales by securities firms but have not properly taken follow-up measures," adding, "A complacent attitude of inspection for the sake of inspection cannot prevent major accidents."

Meanwhile, in the same survey, Eugene Investment & Securities scored 97.8 points, making it the best performer. It was followed by SK Securities (86.3 points), DB Financial Investment (85.5 points), Hanwha Investment & Securities (82 points), and Korea Investment & Securities (81.5 points), all receiving a 'good' rating. The seven firms rated as 'average' were Hyundai Motor Securities (79.8 points), Hi Investment & Securities (10 points), Daishin Securities (75.4 points), Kyobo Securities (74.3 points), KB Securities (73.6 points), Yuanta Securities (72.7 points), and Samsung Securities (70.5 points).