The Centre for Corporate Governance and Financial Policy in Hong Kong will develop the “Corporate Practice Management Manual” in the first quarter of 2007.

The Independent Financial Advisors Association commissioned the document, which will establish best practice guidelines for IFAA members.

The IFAA conducted a survey this year in which 76 percent of the IFAs polled indicated a lack of best practices and industry standards in Hong Kong.

“Competition in the industry is intense, particularly from banks, and the independent sector cannot grow without practice standards. Once practice standards are established, there will be an automatic expectation of all IFAs having to perform at least [to] the standard. The Corporate Practice Management Manual seeks to address issues around corporate governance for the IFA industry not currently addressed anywhere,” says Phil Neilson, vice chairman for the IFAA.

“The manual is not intended to be regulatory in nature, but we hope and expect it to be adopted and accepted as the industry standard,” says Glenn Turner, vice chairman for the IFAA.

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