Skip to content
International Adviser
  • Contact
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • Directory
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

‘Gestapo-like’ mystery shopping is step too far

27 Jun 11

The chairman of Hong Kong’s IFA Association says regulators’ mystery shopping is a step too far

The chairman of Hong Kong's IFA Association says regulators' mystery shopping is a step too far

Let us assume 97 out of 100 sales people carry out their business according to good practice and that the remaining 3 do not. This means that the SFC is going to lure 97 perfectly good people, who are going about their business in an ordinary and honest manner, into a situation where the 97 will be interrupted and disturbed and have their time wasted [buying will not occur] just so the SFC can catch 3 “unfit” people.

This method implies that the intermediary is guilty and has to prove him/herself innocent, and has to do this in front of a fake prospect.

Does the SFC have to spy like this? It could even possibly lead to prosecutions of the “unfit”!

This is immoral and almost Gestapo-like and illustrates, since the SFC has to resort to these tactics to catch the “unfit” guys, that they are bungling their regulatory responsibilities.

Tags: SFC

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Latest news

    SPONSORED: Real Regulation. Real Advice. Real Protection.

    Latest news

    A “best of both worlds” approach to financial fraud prevention

  • Latest news

    Pension IHT reforms will see clients and advisers face seismic shift

    Insights

    NEW: IA set to launch podcast and video series – ‘In the Loop’


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.