Regulatory Alerts2014-12-08
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Mystery Shopping Programme Findings
The Hong Kong Monetary Authority issued findings from a mystery shopping programme conducted in 2013 and 2014 to test the sales practices of Authorized Institutions regarding investment and insurance products. The results indicated general compliance for investment products but revealed weaknesses in suitability assessments and disclosure for insurance products, prompting the issuance of new guidance for non-linked long term insurance. Authorized Institutions are required to review their internal controls and implement measures to enhance selling processes and achieve fair treatment of customers.
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