HK bankers’ counsel dismiss mystery shopping report

Author: | Published: 30 May 2011

Bankers counsel have dismissed the release of a mystery shopping report by the city’s Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) as too vague and ‘soft-paddle’.

The publication this week of deficiencies in securities selling practices, identified during anonymous SFC and HKMA sampling of 10 licensed investment advisory firms and brokerages, was unlikely to have any real effect on the industry unless backed-up with a harder approach.

“Didn’t we deal with this in 2008?” asked one Hong Kong-based associate general counsel. “The report is nothing more than...