Bankers counsel have dismissed
the release of a mystery shopping report by the citys
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
Didnt we deal with this in 2008? asked one
Hong Kong-based associate general counsel. The report is
nothing more than...