IFAA Commissions the CCGFP to Draw Up
"Corporate Practice Management Manual" for IFAs
HONG KONG, Dec. 6 /Xinhua-PRNewswire/ -- The Independent Financial
Advisors Association (IFAA) today announced that it has commissioned the
Centre for Corporate Governance and Financial Policy (CCGFP) -- an
independent research institute of the School of Business at Hong Kong
Baptist University -- to develop a Corporate Practice Management Manual.
The manual, expected to be published in the first quarter of 2007, will lay
down "best practice" guidelines and recommendations for back office support
for IFAA members.
"As the investing market in Hong Kong continues to mature, we feel that
it is important for the IFA industry to meet the increasingly sophisticated
needs of its customers. The Corporate Practice Management Manual will help
IFAs define corporate practices that deliver the highest level of customer
service to their clients," stated Dr. Sidney Sze, Chairman for the IFAA.
In a survey conducted by the IFAA earlier this year, 76% of IFAs polled
agreed that there was a lack of industry standards and best practices in
Hong Kong today. The results of the survey also reinforced the role of the
IFAA to lobby the interests of IFAs.
"The results from our survey signaled the need for an industry practice
document. Competition in the industry is intense, particularly from banks
and the independent sector cannot grow without practice standards. Once
practice standards are established there will be an automatic expectation of
all IFAs having to perform at least the standard. The Corporate Practice
Management Manual seeks to address issues around corporate governance for
the IFA industry not currently addressed anywhere," explained Phil Neilson,
Vice-Chairman for the IFAA.
The project will be led by Prof. Simon Ho, Director of the CCGFP and
Dean for the School of Business at Baptist University. A keen industry
observer, Professor Ho commented that the IFA industry in other parts of the
world have established standards and guidelines for its practitioners.
"Although these countries may have very different legal and economic
environments from Hong Kong, their guidelines provide an excellent reference
point which could be customized to the particular needs of the Hong Kong
market. We will also take into account the "Code of Conduct for Persons
Licensed by or Registered with the Securities and Futures Commission"
published by the Securities and Futures Commission, as well as existing
corporate guidelines developed by some IFAA members as references for the
development of the Corporate Practice Management Manual," commented
Professor Ho.
"The manual is not intended to be regulatory in nature but we hope and
expect it to be adopted and accepted as the industry standard. In the end,
the IFA industry stands to gain as investor confidence in the IFA profession
grows," explained Glenn Turner, Vice-Chairman for the IFAA.
About IFAA
The Independent Financial Advisors Association Limited ("IFAA") is the
first industry association specifically for corporations engaged in the
provision of financial advisory services in Hong Kong.
Founded by a group of industry veterans, IFAA aims to reach out to three
core audience groups, namely government regulatory bodies, IFAA members and
the general public. IFAA will help independent financial advisors keep
abreast of international best practices.
IFAA Mission
As the voice of the IFA community in Hong Kong, the IFAA will support
and campaign for an equitable wealth management industry through advocacy of
regulatory convergence in the banking, insurance and financial intermediary
industries to create a level playing field for all members. The IFAA will
also promote the adoption of best practices through a corporate member
accreditation process that serves as a quality mark for the industry.
For more information on this press release contact:
Karen Teoh
HALO ASSOCIATES (ASIA) LTD
Tel: +852-2115-8116
Email: kteoh@haloassociates.com
