Print this article

Compliance Corner - ASIC, Morgan Stanley Wealth Management, Others

Editorial Staff

28 August 2018

ASIC
Financial watchdog (SFC) has banned Fonia Kwok Lai Kwan from re-entering the industry for 12 months from 25 August 2018 to 24 August 2019 following her conviction for unlicensed asset management.

The Eastern Magistrates’ Court found that between 2009 and 2015, Kwok, who was the sole proprietor of Finamics Capital Management (Finamics), carried on a business in asset management in the name of Finamics, an entity without an SFC licence. 

The clients who Kwok solicited for Finamics agreed to pay Finamics a monthly commission equivalent to 40 per cent to 50 per cent of the net profit generated from its management of their investment portfolios.

In deciding the sanction against Kwok, the SFC considers that her conviction casts serious doubts on her reputation, character and reliability and she is not fit and proper to be a licensed person.