Posted inRegulation

Hong Kong suspends DBS Vickers broker

Hong Kong's regulators have suspended the licence of a broker formerly at DBS Vickers, the securities arm of DBS Bank, for breaching internal control policies.
The Securities and Futures Commission ruled that Ho Siu Po will be suspended for seven months to 15 May 2015.
Ho, who was a licensed representative of DBS Vickers, was reprimanded for conduct between 2011 and 2013, the SFC said. 
He had “conducted transactions in client accounts on a discretionary basis” and “accepted cash deposits directly from a client and in turn made seven deposits to DBS’ account on behalf of the client”.
Ho breached DBS’ internal policies, “which prohibited staff from exercising discretionary authority for clients and receiving cash deposits directly from clients”. 
“The SFC concludes that Ho has not met the standards required of him under the Code of Conduct as he failed to act with due skill, care and diligence in performing his duties as a licensed representative, and as such, Ho’s fitness and properness has been called into question.”
Ho is licensed to deal in securities and in futures contracts. He is currently not accredited to any licensed corporation.

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