Regulatory Alerts2013-03-04
Added · Updated
Mystery Shopping Programme in respect of Sale of Investment and Insurance Products
The Hong Kong Monetary Authority (HKMA) has instituted a Mystery Shopping Programme to assess Authorized Institutions' compliance with regulatory requirements for selling investment and insurance products. A third-party service provider recruits mystery shoppers to pose as potential buyers and audio-record interactions to evaluate adherence to Know-Your-Client procedures, risk disclosure, and recommendation suitability. The HKMA will use these findings to determine necessary follow-up actions and share any identified industry-wide issues with the sector.
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