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Partner Jeremy Lam was interviewed by Ignites Asia, a FT publication, regarding a Securities and Futures Commission (SFC) proposed public consultation reviewing the conduct of asset management companies and intermediaries covering commissions and independent advice.
Jeremy said: “In Hong Kong, there have been ongoing discussions for a while between the regulator and the industry on the issue of fee structures and ensuing independent advice.
The Hong Kong regulator has not rushed into any decision on commissions and advice but decided to look at what has occurred in other jurisdictions and give itself sufficient time to see what that the impact has been and then react appropriately.”
He added: “While the regulator may consult on the feasibility of a U.K. RDR-style commissions ban, after considering the consequences of such moves in other markets and whether the approach would be effective in Hong Kong’s bank-dominated distribution market, it is not likely that this approach will be adopted.”
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