Ripped off by Investment company

Posted by Celberg (391 days ago)

Hi , Does anyone know if there is an organisation which will hear and act upon complaints concerning improper actions of investment companies(ie government organisation/ombudsman etc). Thanks

(I am based in Hong Kong)

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Posted by ppoutdoor (390 days ago)

SFC - they regulate the finance industry in HK, and all investment companies must register with them.

(I am based in Hong Kong)

Posted by Bayliner1901 (389 days ago)

I got rip off also with the agent never explained or provided me with a copy of the contract on terms and condition of my investment profilo. With since I had stop my monthly contribution, then I find out that I would be penalise with a yearly heavy charge for the rest of the 25 year terms... I approached consumer council but they did nothing for me... So now, my money is getting less each year and potentially, I will ened up with zero dollar in my account... I sure would like to know if there is some organization that cares...

(I am based in Guangzhou)

Posted by associates (388 days ago)

In Hong Kong you can report the matter to the

Securities & Futures Commission located in Central.

Weir & Associates
Solicitors & Notaries
2108 Gloucester Tower
The Landmark
15 Queens Road Central
Hong Kong
Tel : 2526-1767
Fax : 2868-3568
email : weirlaw@hongkonglaw.com
www.HongKongLaw.com/weirlaw

(I am based in Hong Kong)

Posted by salnic (386 days ago)

Not all agents or companies are registered with the SFC. If the product has an insurance component, which most of the savings/ retirement plans have, then the agent may actually be registered under PIBA (Professional Insurance Brokers Association) or CIB (Confederation of Insurance Brokers)and does not have to be registered with SFC. These two associations are the self regulating bodies for the industy under the Insurance Authority.
You can contact them as they have codes of conduct for there members and complaints of mis selling by members are taken seriously.
If you check their websites they have the codes of conduct that members are to adhere to.
You could also send a complaint letter to the underwriting company and explain the lack of information that you were given.

(I am based in Hong Kong)

Posted by Celberg (371 days ago)

Thanks for all the replies and advice.There is nothing worse than being duped and not being able to do anything.

(I am based in Hong Kong)