It doesn't meant using taxpayer's money, but at least they should:
1. Ascertain how many cases are mis-selling. You can see how many elderly are involved, thinking these are deposits w banks. For these, it can be taken to court & then sued the bank to repay the damage (even if they signed the docs, they can claim undue influence or the risk profiling didn't reflect the facts);
2. Did HKMA properly perform their monitoring role? Regular check with banks whether these products are properly sold? (if yes, then why so many these products sold to elderly, C9, & some even put their whole wealth in it?). Are all forms properly signed? (I believe many cases don't, & that's why there are banks willing to compromise few weeks ago). This investigation can't leave to HKMA.
3. What actions have HKMA taken to protect these people's interest since the incident? As I remembered, Japan already freezed Lehman's asset immediately the next day. And for HKMA, they even can't answer how much money is involved two weeks after the incident (it's really scaring for a regulator as they should order the banks to report right after the incident). Have their interest been affected because of HKMA wrong doings?
3. Did HKMA approve these products? As understood, some notes are even not approved by HKMA.
4. And how many mis-selling are still there? Commodity funds, more complex products that linked to interest rate etc.
There are many more...& if this does not deserve an investigation despite so many people & funds involved, then what we need these legco for?
