The investment advisory world is under renewed pressure in Hong Kong. So far, the biggest blow has been Towry Law's closure to new business in the wake of a mis-selling scandal. This involved leveraged 'with-profits' products that left investors penniless instead of protecting capital.
Now the SFC has launched what a spokesman calls a theme-focused inspection round of 10 investment advisors that will look into their conduct. The 10 firms were selected either because they have been the subject of complaint, sell very complicated products, or have a large client base.
The SFC declines to name the firms, but says inspections began about a month ago and...
