No need to know Chinese: Hong Kong's new word regulator looking for tellurian talent as head
The conduct of Hong Kong’s new word regulator will be selected by a tellurian hunt and is not compulsory to know Chinese.
The newly determined Insurance Authority has allocated a conduct sport organisation to partisan about 300 staff, a arch executive and 5 executive directors, management Moses Cheng Mo-chi told a South China Morning Post in an disdainful interview.
“We are now in a routine of removing a right group on house to get a new regulator using by a finish of this year during a earliest,” Cheng said.
Cheng refused to criticism on a compensate of a arch executive though pronounced a remuneration would take into comment that for arch executives of other regulatory bodies in a city as reference.
Give new word regulator energy to inspect compensate and products
The Mandatory Provident Fund Scheme Authority, a Securities and Futures Commission and a Hong Kong Monetary Authority all compensate their arch executives between HK$4 million and HK$10 million.
“It will be a tellurian search. We wish to have a best talent with believe of a word attention and regulations. We are not looking for usually internal Chinese though abroad talent as well, given Hong Kong is an general financial centre. The arch executive is not compulsory to know Chinese,” he said.
Lawmakers final year upheld a legislation paving a approach for a environment adult of a new absolute word regulator with an initial supervision appropriation of HK$650 million. It will assign policyholder levies and word looseness fees to financial a operation.
The supervision allocated Cheng, a maestro barrister and former executive of Hong Kong Exchanges and Clearing, to conduct a eight-member house doing a origination of a new regulator.
Hong Kong supervision seeks HK$650m appropriation to set adult Insurance Authority
The new watchdog will reinstate and will have some-more teeth than a Office of Commissioner of Insurance, that usually regulates word companies though not their salespeople. Twenty polite servants will be shifted to other supervision departments while a rest of about 80 staff would leave after a new management takes over a responsibilities of a stream body. They can request for jobs during a Insurance Authority.
The new management will be empowered to emanate licences and umpire a 80,000-odd word salespeople in a city. Currently they do not need any licences and are allegedly not regulated properly, with several complaints of misselling of difficult investment-linked policies.
“It is critical for a new physique to move in suitable law to forestall misselling. It is also critical to settle a good corporate governance enlightenment in a industry,” he said.
The China Insurance Regulatory Commission recently warned mainland Chinese to be wakeful of a risks of shopping word products in Hong Kong since of a disproportion in laws and regulations in Hong Kong. Mainlanders final year spent HK$31 billion on word products in Hong Kong, representing scarcely a entertain of a sum reward collected in a city.
“We acquire mainlanders to continue to buy word products in Hong Kong. We will make certain a salespeople will not trick policyholders. We will also have preparation programmes to surprise mainlanders of a questions they need to ask when shopping policies in sequence to strengthen themselves.”
He pronounced such regulatory work has already been instituted by a Office if Insurance Commissioner, that from Apr 1 started to emanate a new superintendence note on a destiny projections of word policies.
