This past week, we saw a regulatory development well worth highlighting.
In what could be construed as a victory for the little guy, a recent ruling by the Hong Kong Court of Appeal against ING, accused of mis-selling to two elderly investors, was the “the first decision of its kind where the court considered unconscionability in a banking context”, according to Herbert Smith Freehills, and could pave the way for other such cases.
Speaking with Asian Private Banker, Veronique Marquis, partner at Eversheds said this: “While age and sophistication are not, in and of themselves, determinative of suitability, they are relevant to the suitability assessment matrix which financial service providers need to follow, and which involves a consideration of a client’s financial situation, their financial experience and their investment objectives.”
It is also worth noting that the Court of Appeal, in arriving at its decision, affirmed the Court of First Instance’s earlier ruling based on contractual interpretation, but on different grounds, finding the bank’s actions “unconscionable and unreasonable”.
On a separate matter, stay tuned for a fairly decent data dump from APB in the next two weeks. More to come closer to the time.
Your Top Eight follows.
REGULATIONS | EXCLUSIVE 29 August 2017
Court ruling may lead to more mis-selling disputes, says lawyer
In light of the Hong Kong court ruling in favour of investors in a mis-selling case against ING (now Bank of Singapore), a lawyer tells Asian Private Banker that more investors may file mis-selling claims.
TECHNOLOGY | EXCLUSIVE 30 August 2017
Bank of Singapore invests in tech to “cope” with swelling AUM, transaction volumes
Bank of Singapore’s assets under management (AUM) and transaction volumes jumped by 12.6% and 60% respectively in the first half of the year. Eddy Tai, the Singaporean private bank’s global head of operations and technology, tells Asian Private Banker about the bank’s investments in its core platforms, which are being made to handle its “tremendous growth” and to raise efficiencies.
APB MANDATE | DPM | EXCLUSIVE 29 August 2017
Local Hong Kong banks unperturbed by lacklustre DPM demand
An imminent trailer fee ban, coupled with a rush by global banks to build discretionary portfolio management (DPM) capabilities, is reason to believe that there is an industry-wide fear of being overly dependent on transactional revenues – yet local banks in Hong Kong are far less concerned than their global and regional counterparts, according to sources.
INDUSTRY | EXCLUSIVE 29 August 2017
VP Bank’s Asia intermediaries head: More pure plays focusing on building EAM desks
VP Bank has been particularly vocal about its ambitions to grow its intermediaries business in Asia, having made key hires for the segment and reiterated on several occasions that the business forms part of the bank’s strategic focus.
APB MANDATE | ASSET MANAGERS | FUNDS | EXCLUSIVE 25 August 2017
Asian investors still prefer local bonds despite low relative yields
Despite the fact that Asian bonds offer lower yields than their emerging market (EM) counterparts, asset manager Legg Mason tells APB Mandate that wealthy investors in the region still prefer local bonds.
TECHNOLOGY | EXCLUSIVE 28 August 2017
StanChart makes “solid progress” on its US$250 million PB and WM tech project
Following a string of interruptions and senior management changes earlier this year, Standard Chartered has made “solid progress” on its widely anticipated US$250 million tech revamp project, called ‘enable’, Asian Private Banker has learnt.
INDUSTRY | EXCLUSIVE 31 August 2017
In Demand: August’s hiring trends
Asian Private Banker’s monthly In Demand series takes a close look at the hiring trends of the moment by speaking with headhunters, professionals within the private banking industry and independent sources about what they are seeing from their vantage points.
PEOPLE | EXCLUSIVE 31 August 2017
EFG Wealth Solutions appoints general manager in Singapore
EFG Wealth Solutions, the wealth structuring unit of EFG Bank, has created and filled the role of general manager in Singapore, Asian Private Banker can reveal.