Safeguard Clients’ Right to Choose with Stronger Regulations on the Financial Sector

MR CHAN KIN-POR (in Cantonese): President, there is now a strong demand in the community for stronger regulation on the financial sector, but on the other hand, there is also a request from a small number of people for allowing the business sector to sell financial products to clients, so that they can choose products suitable for themselves.

May I ask the Financial Secretary, while reviewing the regulation on the financial sector, how the Government can ensure that the financial sector will continue to be innovative in their products so that people can have choices? On the other hand, how can people exercise their right to choose on the basis of the levels of risks they can bear when deciding whether to buy certain products?

FINANCIAL SECRETARY (in Cantonese): Thanks to the Honourable Member for this supplementary question. This is the most important topic in our review, that how are we to strike a balance when reviewing the sales tactics and the means for approving sales of financial products, so that while the financial sector can remain innovative, while the interests of the investors can also be safeguarded. I understand that we must adopt a disciplined approach to strike this balance.

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