Regulatory Alerts2021-11-23
Added · Updated
Interim Report on Focused Review on Incentive Systems of Front Offices in Retail Banks
The Hong Kong Monetary Authority issued this interim report detailing a focused review of incentive systems in the front offices of 20 retail banks to promote sound culture and better align staff incentives with customer interests. The review utilized an industry-wide employee survey of approximately 18,000 frontline staff, achieving a 70% response rate, alongside document reviews to identify common practices and perceptions regarding conduct outcomes. Initial insights highlight key characteristics of incentive frameworks that differentiate banks with positive versus negative staff perceptions of customer and conduct outcomes, with further analysis planned for the second phase.
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