Hong Kong SFC Bans Standard Chartered Wealth Planning Manager for 6 Months for Forging Missing Signature on Document, Self-Reported to HK Authority by SCB
4th August 2022 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has banned a former Standard Chartered Wealth Planning Manager (Chan Ka Hey) for 6 months (July 2022 to January 2023) for “cutting & pasting” missing signature from page 4 to page 2 within a bank document. The client who was overseas, was required to sign a bank document (Direct Debit Authorisation Form) on Page 2 & 4 but had only signed on page 4. The Standard Chartered Banker Chan Ka Hey subsequently cut the page 4 signature to paste on page 2, and photocopying page 2 to complete the form (The client was not aware of the “cut & paste action”). The incident was discovered when a Standard Chartered bank officer found page 2 in a photocopying machine. HK SFC: “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. In deciding the sanction, the SFC took into account all relevant circumstances, including Chan’s otherwise clean disciplinary record”. (Chan Ka Hey was employed by Standard Chartered HK from 17 March 2015 to 8 July 2018, and HSBC from 3 October 2018 to 7 May 2021. At Standard Chartered HK: Insurance Specialist of the Department of Retail Sales Specialists – Wealth Planning Manager)
“ HK SFC Bans Standard Chartered Wealth Planning Manager for 6 Months for Forging Missing Signature on Document “
HK SFC – Summary of Facts
At the material time, Chan was an Insurance Specialist of the Department of Retail Sales Specialists (Wealth Planning Manager) at an SCBHK branch (Branch). The customer was residing overseas and wished to set up direct debit authorisation for her insurance policy. Chan therefore sent a DDA Form to the customer for execution.
At his interview with the HKMA, Chan explained that:
(a) even though the customer was required to sign on pages 2 and 4 of the DDA Form, she had only signed on page 4 when she returned it (Original Form) to SCBHK by courier;
(b) in order to set up the direct debit authorisation for the customer, he cut the customer’s signature from page 4 of the Original Form and pasted the cut- out signature onto:
(i) a blank page 2 of the DDA Form (Page Two) and photocopied the page. Afterwards, he filled in the details, such as the client’s account number and name of the bank, by hand (Composite Page Two); and
(ii) a blank page 4 of the DDA Form and photocopied and dated the page (Composite Page Four);
(c) he later combined pages 1 and 3 of the Original Form with Composite Page Two and Composite Page Four to form what appears to be a complete set of the DDA Form signed by the customer (Composite Form); and
(d) he left the Composite Form in the inter-branch document out-tray for submission to the insurance company.
Chan also confirmed with the HKMA that the customer was not aware and had not authorised him to cut and paste her signature onto the Composite Form. The Incident was uncovered when an SCBHK staff member found Page Two being left unattended inside a photocopying machine at the Branch.
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