CNA: Hong Kong hires grannies to keep eye on brokers

I was reading the article from ChannelNewsAsia website 'Hong Kong hires grannies to keep eye on brokers'.

"HONG KONG - Hong Kong's hard-nosed financial regulators are adding a new weapon to their arsenal in the battle to protect investors from unscrupulous stockbrokers: old ladies and pregnant women.

The Securities and Futures Commission (SFC) and de-facto central bank, the Hong Kong Monetary Authority, plan to hire actors -- including retirees and pregnant women -- to make sure banks and brokerages use above-board techniques when selling investment products."
Article reference

Following the aftermath of the Lehman collapse, it is no surprise that consumers, savvy and non-savvy alike, generally take a more serious approach towards their own investments. This translates into investors asking more questions (favourite: Is it possible I may lose all my money?), raising more concerns, referencing sources of information and cross-checking whether their preferred financial adviser is indeed giving them valuable advice.

This 'mystery shopper' move by Hong Kong authorities could serve as a suitable rear-view mirror for financial service practitioners to watch their back. Certainly, the merits and specifics of its implementation will be debated. However, in times where most people still have a lesser opinion of financial advisers (be it from banks, insurance companies, fund managers, financial advisory firms to name a few), this could be part of the direction to weed out the 'weasels' and separate the wheat from the chaff.

Maybe we'll see this happening here in Singapore too. For starters, I'll ask my mum to get prepared for enlistment.