Regulatory Alerts2020-09-30
Added · Updated
Findings of Mystery Shopping Programme on Selling Practices of Authorized Institutions in respect of Investment and Insurance Products
The Hong Kong Monetary Authority issued this letter to communicate the results of a mystery shopping programme conducted between 2018 and 2020 regarding the selling practices of Authorized Institutions for investment and insurance products. The findings indicate that while Authorized Institutions generally complied with Know-Your-Customer and suitability assessment procedures for investment products, there is room for improvement in insurance product sales regarding risk disclosure and compliance. The regulator has incorporated these findings into its supervisory plans and requires concerned institutions to implement appropriate follow-up actions to enhance internal controls and staff training.
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