IFA loses appeal, license

Andrew Barber loses an appeal and Hong Kong''s financial planning industry gets another black eye.

A decision by the Hong Kong Securities and Futures Commission (SFC) to suspend the license of an independent financial advisor, Andrew Barber of Barber Asia Limited, has been upheld by the Securities and Futures Appeals Tribunal (SFAT), although it also reduced the length of his sentence

This is yet another high profile case against Hong Kong's modest IFA industry, which is struggling to assert itself against the might of big commercial banks distributing investment products

The SFC has been public about its efforts to punish wrongdoers in the IFA industry and has put a lot of material about the Barber case on its website However, industry executives point out that the regulator is able to pursue small beer...

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