According to the SFC’s annual report published earlier this week, there were 672 complaints made against the conduct of SFC-regulated advisers during 2014-15, compared to 309 complaints made in 2013-14.
The overall number of complaints made to the Hong Kong regulator against intermediaries – including complaints about product disclosure, unlicensed activities and the ‘breach of offers of investments’ – increased to 2,119 in 2014-15, against 1,648 in the previous year.
However, complaints against market misconduct, which include market manipulation and insider dealing, dropped by almost 11% to 277 reported cases, from 311 in the previous year.
SFC investigations into intermediary misconduct also jumped significantly to 187 cases, compared to 136 cases in the previous year, an increase of nearly 38%.
The SFC said complainants have raised more complicated issues recently. It also highlighted that each complaint was looked at individually by SFC staff members who “were not prejudiced by the complainant’s behaviour”.
“Naturally, complainants want early and definite outcomes, and we try our best to ensure that their complaints are promptly and properly handled,” said Ivy Lau, manager in the Commission Secretariat.
