Tighter investment product sales rules
09-01-2009
The government says it'll tighten the way local banks sell investment products. This comes after the Monetary Authority and the Securities and Futures Commission released a report on the alleged mis-selling of Lehman Brothers products. The watchdogs made over 10 recommendations to the government. They include requiring banks to segregate their deposit banking from their securities services; and requiring banks to tape conversations between staff and customers at the point of sale.
