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HKMA to commence ‘mystery shopping’ to vet banks’ selling practices

HKMA Asian Private Banker
The Hong Kong Monetary Authority

The Hong Kong Monetary Authority (HKMA) will soon commence a mystery shopping programme (MSP) to monitor banks’ sales practices around investment products. This programme will investigate banks’ sales processes relating to investment and insurance products with a focus on customer risk profiling, suitability of recommendations, and product and risk disclosure. All HKMA-regulated institutions which engage in selling investment and/or insurance…

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