The Financial Supervisory Service (FSS) holds its first industry-wide meeting and embarks on a major overhaul of consumer protection governance.

Financial authorities have brought together top executives from across the financial sector to strengthen governance for financial consumer protection. To address the internal control lapses and short-term performance-focused business practices revealed by the Hong Kong Equity-Linked Securities (ELS) scandal, the Financial Supervisory Service (FSS) convened a meeting with all sectors and proposed a principle: restructuring the overall governance structure of financial companies to focus on consumers.

source: Etoday