HK policymakers urged to end bank dominance

A high-level Hong Kong government advisory body has urged policymakers to help reduce the fund distribution dominance of banks, which boast a 78% market share in the territory. The 22-member Financial Services Development Council (FSDC) highlighted the problems of bank dominance, in particular their controlling influence on fees and the type and range of products sold.  In a report issued yesterday, the FSDC urged policymakers to take the lead in facilitating alternative distrib…