Mis-selling of financial products in Hong Kong : the problem, limitation and a proposition

This article aims to highlight the problem of the mis-selling of financial products in Hong Kong, as well as the limitation of court action against the banks and financial institutions against allegations of mis-selling. This work will also put forward recommendations to help alleviate the negative effects of this issue, with a proposition that a regulatory solution should address the root of the problem rather than take a piecemeal approach. To begin with, it is important to appreciate the scale and scope of this problem in Hong Kong. It is not something that the Hong Kong Government should remain reactive or passive about.